Answer Happy

In 2022, 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 2022 in the following alternative scenarios? Use Exhibit 8-11. Note: Round your intermediate and final answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. Required: a. Zach is 29 years old, and his AGI is $6,200. b. Zach is 29 years old and his AGI is $12,200. c. Zach is 29 years old and his AGI is $18,600. d. Zach is 17 years old and his AGI is $6,200.

EXHIBIT 8-11 2022 Earned Income Credit Table Qualifying Children 0 1 2 3+ 0 1 (1) Maximum Earned Income Eligible for Credit 2 34 $7,320 10,980 15,410 15,410 (2) Credit % 7.65% 34 40 45 (3) Maximum Credit (1) × (2) (4) Credit Phase-Out for AGI (or earned income if greater) Over This Amount Married taxpayers filing joint returns $15,290 26,260 26,260 26,260 $560 3.733 6,164 6,935 All taxpayers except married taxpayers filing joint returns $7,320 7.65% $ 560 10,980 34 3,733 15,410 40 6,164 15,410 45 6,935 Source: Internal Revenue Code, "Rev. Proc. 2020-45." www.irs.gov. (5) Phase-Out Percentage $9,160 20,130 20,130 20,130 7.65% 15.98 21.06 21.06 15.30% 15.98 21.06 21.06 No Credit When AGI (or earned income if greater) Equals or Exceeds This Amount (4) + [(3)/(5)] $22,610 49,622 $5,529 59,187 $16,480 43,492 49,399 53,057