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 2021, Diane's wages are $18,900 and she receives dividend income of $900. Diane's 2019 earned income was lower than 2021. Number of Qualifying Children None 1 Earned Income Credit Phase-Out Ranges Other than joint filers 2 3 or more Phaseout Begins $11,610 19,520 19,520 19,520 Phaseout Ends $21,430 42,158 47,915 51,464 Calculate Diane's earned income credit using the EIC table in Appendix B. X Joint filers Phaseout Begins $17,560 25,470 25,470 25,470 Phaseout Ends $27,380 48,108 53,865 57,414

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 2021, Diane's wages are $18,900 and she receives dividend income of $900. Diane's 2019 earned income was lower than 2021. Number of Qualifying Children None 1 Earned Income Credit Phase-Out Ranges Other than joint filers 2 3 or more Phaseout Begins $11,610 19,520 19,520 19,520 Phaseout Ends $21,430 42,158 47,915 51,464 Calculate Diane's earned income credit using the EIC table in Appendix B. X Joint filers Phaseout Begins $17,560 25,470 25,470 25,470 Phaseout Ends $27,380 48,108 53,865 57,414

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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