EXHIBIT 8-11 2021 Earned Income Credit Table(4)(1)(3)Maximum EarnedCredit Phase-Out forAGI (or earned incomeIncome EligibleMaximumCreditQualifyingChildren(2)if greater) Over ThisAmountfor CreditCredit %(1) × (2)Married taxpayers filing joint returns0110011 LIS0$9,82015.3%$1.502$14,820110,640343,61825,47015.98214,950405,98025,47021.063+14.950456.72825,47021.06All taxpayers except married taxpayers filing joint returnsORD CHIT EL0$9,82015.3%$ 11,610$1.5023,618110,6403419,520214.950405,98019,5203+14,950456,72819.520Source: Internal Revenue Code. "Rev. Proc. 2020-45. " www.irs.gov.SI DUનવીura વ(5)Phase-OutPercentage15.3%15.3%15.9821.0621.06No Credit When AGI(or earned income ifgreater) Equals orExceeds This Amount(4) + [(3)/(5)]$24,63748,10853,86557,414$21,42742,15847,91551.464 In 2021, Lucy and Evan Stuart have a daughter who is 2 years old. The Stuarts are full-time students and they are both: 24 years oldTheir AGI is $18,000, consisting of $10,100 of lottery winnings (unearned income) and $7,900 of wages. What is their earned incomecredit if they file jointly? Use Exhibit 8-11 (Leave no answer blank. Enter zero if applicable.)HANEarned Income credit

Introduction: AGI begins with your gross income and is subsequently lowered by various "above the…

In 2021, Lucy and Evan Stuart have a daughter who is 2 years old. The Stuarts are full-time students and they are both 24 years old. Their AGI is $18,000, consisting of $10,100 of lottery winnings (unearned income) and $7,900 of wages. What is their earned income credit if they file jointly? Use Exhibit 8-11 (Leave no answer blank. Enter zero if applicable.) .........

In 2021, Lucy and Evan Stuart have a daughter who is 2 years old. The Stuarts are full-time students and they are both 24 years old. Their AGI is $18,000, consisting of $10,100 of lottery winnings (unearned income) and $7,900 of wages. What is their earned income credit if they file jointly? Use Exhibit 8-11 (Leave no answer blank. Enter zero if applicable.) .........

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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