Required information [The following information applies to the questions displayed below.] In 2021, 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 2021 in the following alternative scenarios? Use:Exhibit 8-11; (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) p. Zach is 29 years old and his AGI is $10,000. Earned income credit
Required information [The following information applies to the questions displayed below.] In 2021, 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 2021 in the following alternative scenarios? Use:Exhibit 8-11; (Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) p. Zach is 29 years old and his AGI is $10,000. Earned income credit
Chapter8: Taxation Of Individuals
Section: Chapter Questions
Problem 57P
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
In 2021, 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 2021 in the following alternative scenarios? Use Exhibit 8-11; (Round your
intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if
applicable.)
..
b. Zach is 29 years old and his AGI is $10,000.
Earned income credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9d921497-5a53-442a-a059-66fc6bff7335%2Fcad2c6c1-2b3e-431b-b0e5-399abf628196%2Funvccp_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
In 2021, 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 2021 in the following alternative scenarios? Use Exhibit 8-11; (Round your
intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if
applicable.)
..
b. Zach is 29 years old and his AGI is $10,000.
Earned income credit
![EXHIBIT 8-11 2021 Earned Income Credit Table
(4)
No Credit When AGI
(or earned income if
greater) Equals or
Exceeds This Amount
(1)
(3)
Maximum AGI (or earned income
Credit Phase-Out for
Maximum Earned
(5)
Qualifying
Income Eligible
(2)
Credit
if greater) Over This
Phase-Out
Children
for Credit
Credit %
(1) x (2)
Amount
Percentage
(4) + [(3)/(5)]
Married taxpayers filing joint returns
$ 9,820
15.3%
$1,502
$14,820
15.3%
$24,637
1
10,640
34
3,618
25,470
15.98
48,108
2
14,950
40
5,980
25,470
21.06
53,865
3+
14,950
45
6,728
25,470
21.06
57,414
All taxpayers except married taxpayers filing joint returns
$ 9,820
15.3%
$ 1,502
$ 11,610
15.3%
$21,427
1
10,640
34
3,618
19,520
15.98
42,158
2
14,950
40
5,980
19,520
21.06
47,915
3+
14,950
45
6,728
19,520
21.06
51,464
Source: Internal Revemue Code. "Rev. Proc. 2020-45." www.irs.gov.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9d921497-5a53-442a-a059-66fc6bff7335%2Fcad2c6c1-2b3e-431b-b0e5-399abf628196%2F2z8vnej_processed.png&w=3840&q=75)
Transcribed Image Text:EXHIBIT 8-11 2021 Earned Income Credit Table
(4)
No Credit When AGI
(or earned income if
greater) Equals or
Exceeds This Amount
(1)
(3)
Maximum AGI (or earned income
Credit Phase-Out for
Maximum Earned
(5)
Qualifying
Income Eligible
(2)
Credit
if greater) Over This
Phase-Out
Children
for Credit
Credit %
(1) x (2)
Amount
Percentage
(4) + [(3)/(5)]
Married taxpayers filing joint returns
$ 9,820
15.3%
$1,502
$14,820
15.3%
$24,637
1
10,640
34
3,618
25,470
15.98
48,108
2
14,950
40
5,980
25,470
21.06
53,865
3+
14,950
45
6,728
25,470
21.06
57,414
All taxpayers except married taxpayers filing joint returns
$ 9,820
15.3%
$ 1,502
$ 11,610
15.3%
$21,427
1
10,640
34
3,618
19,520
15.98
42,158
2
14,950
40
5,980
19,520
21.06
47,915
3+
14,950
45
6,728
19,520
21.06
51,464
Source: Internal Revemue Code. "Rev. Proc. 2020-45." www.irs.gov.
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