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 Other than joint filers Joint filers Phaseout Begins Phaseout Ends Phaseout Begins Phaseout Ends None $11,610 $21,430 $17,560 $27,380 1 19,520 42,158 25,470 48,108 2 19,520 47,915 25,470 53,865 3 or more 19,520 51,464 25,470 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. Number of Qualifying Children Other than joint filers Joint filers Phaseout Begins Phaseout Ends Phaseout Begins Phaseout Ends None $11,610 $21,430 $17,560 $27,380 1 19,520 42,158 25,470 48,108 2 19,520 47,915 25,470 53,865 3 or more 19,520 51,464 25,470 57,414
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Subject - Acounting
Problem 7-6
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 | Other than joint filers | Joint filers | ||
|---|---|---|---|---|
| Phaseout Begins | Phaseout Ends | Phaseout Begins | Phaseout Ends | |
| None | $11,610 | $21,430 | $17,560 | $27,380 |
| 1 | 19,520 | 42,158 | 25,470 | 48,108 |
| 2 | 19,520 | 47,915 | 25,470 | 53,865 |
| 3 or more | 19,520 | 51,464 | 25,470 | 57,414 |
Calculate Diane's earned income credit $
Would you kindly assist and explain:) I'm grateful for your help :)
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