In 2022, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income Is from salary, and he does not have any for AGI deductions. What is his earned Income credit in 2022 in the following alternative scenarios? Use Exhibit 8-11. Note: Round your Intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. Zach is 29 years old, and his AGI IS $4,500. b. Zach is 29 years old and his AGI is $10,600. c. Zach is 29 years old and his AGI is $17,000. d. Zach is 17 years old and his AGI IS $4,500.
In 2022, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income Is from salary, and he does not have any for AGI deductions. What is his earned Income credit in 2022 in the following alternative scenarios? Use Exhibit 8-11. Note: Round your Intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. Zach is 29 years old, and his AGI IS $4,500. b. Zach is 29 years old and his AGI is $10,600. c. Zach is 29 years old and his AGI is $17,000. d. Zach is 17 years old and his AGI IS $4,500.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please answer B & D.
Transcribed Image Text:**Scenario Analysis for Earned Income Credit in 2022**
In 2022, Zach is single with no dependents. He is not claimed as a dependent on another's return. All of his income is from salary, and he does not have any deductions before AGI (Adjusted Gross Income).
**Objective:**
Determine Zach's Earned Income Credit (EIC) in 2022 under the following alternative scenarios. Use Exhibit 8-11 for reference.
**Instructions:**
Round your intermediate and final answers to the nearest whole dollar amount. Ensure no answer fields are left blank. Enter zero if applicable.
**Scenarios:**
a. Zach is 29 years old, and his AGI is $4,500.
b. Zach is 29 years old, and his AGI is $10,600.
c. Zach is 29 years old, and his AGI is $17,000.
d. Zach is 17 years old, and his AGI is $4,500.
--------------------------------
**Response Table:**
- **Required A, B, C, D:** Tabs for inputting answers for each scenario.
**Example Answer:**
- **Given:** Zach is 29 years old and his AGI is $10,600.
- **Earned Income Credit:** $220 (as shown in the input field for Required B).
Complete each required tab with the corresponding Earned Income Credit values based on the information provided above.
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