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, andhe 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 ifapplicable.Required:a. Zach is 29 years old, and his AGI is $6,400.b. Zach is 29 years old and his AGI is $12,400.c. Zach is 29 years old and his AGI is $18,800.d. Zach is 17 years old and his AGI is $6,400.Show Transcribed TextEXHIBIT 8-11 2022 Earned Income Credit TableQualifyingChildren0123+0123+(1)Maximum EarnedIncome Eligiblefor Credit$7,32010,98015,41015,410(2)Credit %7.65%344045(4)(3)Credit Phase-Out forMaximum AGI (or earned incomeCredit if greater) Over This(1) × (2)AmountMarried taxpayers filing joint returns$15,29026,26026,26026,2607.65%3440453$5603,7336,1646,935$7,32010,9803,73315,4106,16415,4106,935Source: Internal Revenue Code. "Rev. Proc. 2020-45." www.irs.gov.TAll taxpayers except married taxpayers filing joint returns$ 560(5)Phase-OutPercentage$9,16020,13020,13020,1307.65%15.9821.0621.0615.30%15.9821.0621.06No Credit When AGI(or earned income ifgreater) Equals orExceeds This Amount(4) + [(3)/(5)]$22,61049,62255,52959,187$16,48043,49249,39953,057

Rate of return:It is the rate that an investor on this amount of investment receives. It is…

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 $6,400. b. Zach is 29 years old and his AGI is $12,400. c. Zach is 29 years old and his AGI is $18,800. d. Zach is 17 years old and his AGI is $6,400.

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 $6,400. b. Zach is 29 years old and his AGI is $12,400. c. Zach is 29 years old and his AGI is $18,800. d. Zach is 17 years old and his AGI is $6,400.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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