Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2022, Diane's wages are $19,800 and she receives dividend income of $1,200. Earned Income Credit Phase-Out Ranges Number of Qualifying Children Other than joint filers None 1 2 3 or more Joint filers Phaseout Phaseout Phaseout Begins Ends Begins $11,610 $21,430 $17,560 19,520 42,158 25,470 19,520 47,915 25,470 19,520 51,464 25,470 Calculate Diane's earned income credit using the EIC table in Appendix B. $ 5,980 X Phaseout Ends $27,380 48,108 53,865 57,414
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2022, Diane's wages are $19,800 and she receives dividend income of $1,200. Earned Income Credit Phase-Out Ranges Number of Qualifying Children Other than joint filers None 1 2 3 or more Joint filers Phaseout Phaseout Phaseout Begins Ends Begins $11,610 $21,430 $17,560 19,520 42,158 25,470 19,520 47,915 25,470 19,520 51,464 25,470 Calculate Diane's earned income credit using the EIC table in Appendix B. $ 5,980 X Phaseout Ends $27,380 48,108 53,865 57,414
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:Earned Income Credit (LO 7.2)
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2022, Diane's wages are $19,800 and she
receives dividend income of $1,200.
Number of Qualifying Children
None
1
Earned Income Credit Phase-Out Ranges
2
3 or more
Other than joint
filers
Joint filers
Phaseout Phaseout
Begins Ends
Phaseout
Begins
$11,610 $21,430 $17,560
19,520 42,158
25,470
19,520 47,915
25,470
19,520
51,464
25,470
Calculate Diane's earned income credit using the EIC table in Appendix B.
5,980 X
Phaseout
Ends
$27,380
48,108
53,865
57,414
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