Joyce, a widow, lives in an apartment with her two minor children (ages 8 and 10), whom
Question:
Joyce, a widow, lives in an apartment with her two minor children (ages 8 and 10), whom she supports. Joyce earns $33,000 during 2017. She uses the standard deduction.
a. Calculate the amount, if any, of Joyce's earned income credit.
b. During the year, Joyce is offered a new job that has greater future potential than her current job. If she accepts the job offer, her earnings for the year will be $39,000; however, she is afraid she will not qualify for as much of the earned income credit. Using after-tax cash-flow calculations, determine whether Joyce should accept the new job offer?
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Related Book For
South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
ISBN: 9781337386173
21st Edition
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
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