Check my work 9 Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person

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Check My Work 9 Determine The Amount Of The Earned Income Credit In Each Of The Following Cases Assume That The Person 1 (109.67 KiB) Viewed 17 times

Check my work 9 Determine the amount of the Earned Income Credit in each of the following cases. Assume that the person or persons are eligible to take the credit. Use Table 9-3. Required: Calculate the credit using the formulas. Note: For all requirements, do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. eBook References Earned Income Credit a. A single person with earned income of $5,150 and no qualifying children. $ 1,502 b. A single person with earned income of $24,500 and two qualifying children. $ 5,160 c. A married couple filing jointly with earned income of $36,390 and one qualifying child. $ 5,815 7 points
TABLE 9-3* Earned Income Credit Tax Year 2021 Number of Eligible Children None Two One 34.0% EIC percentage 15.30% 40.0% For earned income up to $ 10,640 $ 14,950 $9,820 $1,502 Maximum EIC $3,618 $ 5,980 Phaseout percentage 15.30% 15.98% 21.06% For joint filers: $ 25,470 $ 25,470 Phaseout starts at earned income of Phaseout ends at earned income of For all other filers: $ 17,560 $ 27,380 $ 48,108 $53,865 $ 11,610 $ 19,520 $ 19,520 Phaseout starts at earned income of Phaseout ends at earned income of $ 21,430 $ 42,158 $ 47,915 * The dollar amounts in the table are subject to annual adjustments for inflation. Three or More 45.0% $ 14,950 $6,728 21.06% $ 25,470 $57,414 $ 19,520 $ 51,464