Determine the amount of the Earned Income Credit in each of the following cases. Assume that...
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. Calculate the credit using the formulas.
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A single person with earned income of $7,554 and no qualifying children.
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A single person with earned income of $22,500 and two qualifying children.
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A married couple filing jointly with earned income of $34,190 and one qualifying child.
Homework Answers
Answer :
As per the given Question
a. for earned income up to 8270 earned income credit of 7.65% or earned income or 506 whichever is lower will be given.
Earned income credit= 7554*7.65%= 578, since maximum of 506 is only available. Earned income credit= 506
b. For eligible person with two qualifying children eligible for 40% credit of earned income up to 13930 is available for single individual. And phase out starts for amount exceeding 18190 at 21.06%
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