federal tax problem show calculations please

As explained in Chapter 8, low income taxpayers may be eligible for the earned income credit provided that they have earned income (i.e. wages or self-employment income). This is a valuable credit for low income taxpayers because it is refundable which means that it can create a refund even if the taxpayers have zero tax liability. Exhibit 8-10 on page 8-30 of Chapter 8 illustrates how to calculate the amount of this credit and provides both a credit % and a phase-out percentage based on # of qualifying children. Please provide the proper IRC citation that indicates the credit % and the phase- out % per # of qualifying children. This is a single IRC citation in which the respective % match Exhibit 8-10. Additionally, please calculate the earned income credit for MFJ taxpayers with 2 dependent children (ages 9 and 12) with earned income and AGI of $40,000. Prepare your calculation in Excel and show all work. Additionally, please calculate the earned income credit for MFJ taxpayers with 2 dependent children (ages 9 and 12) with earned income and AGI of $40,000. Prepare your calculation in Excel and show all work WE EXHIBIT 8-10 2020 Earned Income Credit Table No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5) Credit Phase- Out for AGI (or earned income if greater) over This Amount (1) Maximum Earned Income Eligible for Credit Qualifying Children (5) Phase-out Percentage Maximum Credit (1) X (2) (2) Credit 0 1 2 3+ $21,710 47.646 53,330 56,844 Married taxpayers filing joint returns $ 7,030 7.65% $ 538 $14.680 7.65% 10.540 34 3,584 25.220 15.98 14,800 40 5.920 25,220 21.06 14,800 45 6,660 25,220 21.06 All taxpayers except married taxpayers filing joint returns $ 7.030 7.65% $ 538 $ 8.790 7.65% 10,540 34 3,584 19,330 15.98 14,800 40 5.920 19.330 21.06 14,800 45 6,660 19,330 21.06 0 1 2 3+ $15.820 41,756 47.440 50,954 Source: Rev. Proc. 2019-44. As explained in Chapter 8, low income taxpayers may be eligible for the earned income credit provided that they have earned income (i.e. wages or self-employment income). This is a valuable credit for low income taxpayers because it is refundable which means that it can create a refund even if the taxpayers have zero tax liability. Exhibit 8-10 on page 8-30 of Chapter 8 illustrates how to calculate the amount of this credit and provides both a credit % and a phase-out percentage based on # of qualifying children. Please provide the proper IRC citation that indicates the credit % and the phase- out % per # of qualifying children. This is a single IRC citation in which the respective % match Exhibit 8-10. Additionally, please calculate the earned income credit for MFJ taxpayers with 2 dependent children (ages 9 and 12) with earned income and AGI of $40,000. Prepare your calculation in Excel and show all work. Additionally, please calculate the earned income credit for MFJ taxpayers with 2 dependent children (ages 9 and 12) with earned income and AGI of $40,000. Prepare your calculation in Excel and show all work WE EXHIBIT 8-10 2020 Earned Income Credit Table No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5) Credit Phase- Out for AGI (or earned income if greater) over This Amount (1) Maximum Earned Income Eligible for Credit Qualifying Children (5) Phase-out Percentage Maximum Credit (1) X (2) (2) Credit 0 1 2 3+ $21,710 47.646 53,330 56,844 Married taxpayers filing joint returns $ 7,030 7.65% $ 538 $14.680 7.65% 10.540 34 3,584 25.220 15.98 14,800 40 5.920 25,220 21.06 14,800 45 6,660 25,220 21.06 All taxpayers except married taxpayers filing joint returns $ 7.030 7.65% $ 538 $ 8.790 7.65% 10,540 34 3,584 19,330 15.98 14,800 40 5.920 19.330 21.06 14,800 45 6,660 19,330 21.06 0 1 2 3+ $15.820 41,756 47.440 50,954 Source: Rev. Proc. 2019-44