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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 the following alternative scenarios? Use Exhibit 8-11. (Round your Intermediate and final answers to the nearest whole dollar amount. Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) EXHIBIT 8-11 2021 Earned Income Credit Table (4) (1) (3) Maximum Earned Maximum Credit Credit Phase-Out for AGI (or earned income if greater) Over This Amount (2) Qualifying Children Income Eligible for Credit Credit % (1) × (2) Married taxpayers filing joint returns 0 $ 9,820 15.3% $1,502 $14,820 1 10,640 34 3,618 25,470 15.98 2 14,950 40 5,980 25,470 21.06 3+ 14,950 45 6,728 25,470 21.06 All taxpayers except married taxpayers filing joint returns 0 $ 9,820 15.3% $1,502 $ 11,610 1 10,640 34 3,618 19,520 2 14,950 40 5,980 19,520 3+ 14,950 45 6,728 19,520 Source: Internal Revenue Code. "Rev. Proc. 2020-45." www.irs.gov. (5) Phase-Out Percentage 15.3% 15.3% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $24,637 48,108 53,865 57,414 $21,427 42,158 47,915 51,464 a. Zach is 29 years old and his AGI is $5,100. Answer is complete but not entirely correct. Earned income credit s 1,454 X b. Zach is 29 years old and his AGI is $9,500. Answer is complete but not entirely correct. Earned income credit $ 601 X 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 the following alternative scenarios? Use Exhibit 8-11. (Round your Intermediate and final answers to the nearest whole dollar amount. Round your final answer to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) EXHIBIT 8-11 2021 Earned Income Credit Table (4) (1) (3) Maximum Earned Maximum Credit Credit Phase-Out for AGI (or earned income if greater) Over This Amount (2) Qualifying Children Income Eligible for Credit Credit % (1) × (2) Married taxpayers filing joint returns 0 $ 9,820 15.3% $1,502 $14,820 1 10,640 34 3,618 25,470 15.98 2 14,950 40 5,980 25,470 21.06 3+ 14,950 45 6,728 25,470 21.06 All taxpayers except married taxpayers filing joint returns 0 $ 9,820 15.3% $1,502 $ 11,610 1 10,640 34 3,618 19,520 2 14,950 40 5,980 19,520 3+ 14,950 45 6,728 19,520 Source: Internal Revenue Code. "Rev. Proc. 2020-45." www.irs.gov. (5) Phase-Out Percentage 15.3% 15.3% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $24,637 48,108 53,865 57,414 $21,427 42,158 47,915 51,464 a. Zach is 29 years old and his AGI is $5,100. Answer is complete but not entirely correct. Earned income credit s 1,454 X b. Zach is 29 years old and his AGI is $9,500. Answer is complete but not entirely correct. Earned income credit $ 601 X
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Answer rating: 100% (QA)
Mar49 922 Solution a b Answer is highlighted in yellow Single Particulars 1 Earned Income ... View the full answer
Related Book For
Essentials of Federal Taxation 2018
ISBN: 9781260007640
9th edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
Posted Date:
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