Homework Answers
Answer : $1833
Calculated as
Credit = 40% of $14570 = $5828
Credit phase out over $19030 = 21.06% of ($38000-$19030) = 21.06% of $18970 = $3955
So net credit allowed = $5828-$3955 = $$1833
Hence answer is $1833
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Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is...
EXHIBIT 8-10 2019 Earned Income Credit Table Qualifying Children (1) Maximum Earned Income Eligible for Credit...
EXHIBIT 8-10 2019 Earned Income Credit
Table
Qualifying Children
(1)
Maximum Earned Income Eligible for Credit
(2)
Credit %
(3)
Maximum Credit
(1) × (2)
(4)
Credit Phase- Out for AGI (or earned income if greater) Over This
Amount
(5)
Phase-Out Percentage
No Credit When AGI (or earned income if
greater) Equals or Exceeds This Amount (4) +
[(3)/(5)]
Married taxpayers filing joint
returns
0
$ 6,920
7.65%
$ 529
$14,450
7.65%
$21,370
1
10,370
34
3,526
24,820
15.98...
1.) Carolyn has an AGI of 39900 (all from earned income) two qualifying children and is...
1.)
Carolyn has an AGI of 39900 (all from earned income) two
qualifying children and is filing as a head of household. what
amount of earned income credit is she entitled to? (use 2018 earned
income credit table).
$0
$1243
$3461
$4473
$5716
2.)
1040
1248
1428
2294
3.)
0
2240
2880
1830
4.)
21820
20770
9820
9660
Miley, a single taxpayer, plans on reporting $30,100 of taxable income this year (all of her income is from a part-time job)....
Juan and Lydia both work, file a joint return, and have one qualifying child. They have AGI of $19.900. What is their E...
Juan and Lydia both work, file a joint return, and have one qualifying child. They have AGI of $19.900. What is their EIC? Use Table 9-3. Multiple Choice $609 $3.461. $6.148. O $10,180 Number of Eligible Children None One Two Three or More 7.65% 34.0% 40.0% 45.0% $6,780 $10,180 $14,290 $14,290 $519 $3.461 $5,716 $6.431 7.65% 15.98% 21.06% 21.06% EIC percentage For earned Income up to Maximum EIC Phaseout percentage For folnt filers: Phaseout starts at earned Income of Phaseout...
In 2018, Lana, a single taxpayer with AGI of $204,400, claims three dependent children, all under...
In 2018, Lana, a single taxpayer with AGI of $204,400, claims three dependent children, all under age 17. Reference: joint returns: $400,000 single taxpayers: $200,000 married person filing separate returns: $200,000 What is the amount of her child credit?
The use of the earned income credit could result in a taxpayer receiving a refund even...
The use of the earned income credit could result in a taxpayer receiving a refund even though he or she has not paid any income taxes. True False Select either "Yes" or "No" to indicate whether the statement is one of the rules that all taxpayers must meet in order to claim the earned income credit (EIC). a. AGI may not be higher than set limits b. Foreign income exclusion not permitted c. Investment income cannot exceed $3,500 (2018 limit)...
Q6 What is the tax refund? Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their...
Q6
What is the tax refund?
Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their federal income tax withholding was $890. They had no itemized deductions and two dependent children, ages 18 and 19. If Mr. and Mrs. Kigali are entitled to a $4,724 earned income credit, compute their income tax refund. Assume the taxable year is 2019. Use Standard Deduction Table. Tax refund Married filing jointly and surviving spouses Married filing separately Head of household Single $24,400 12,200...
13. David and Julie have two children, ages 18 and 10. Their modified AGI is $120,000....
13. David and Julie have two children, ages 18 and 10. Their modified AGI is $120,000. What is the amount of their child tax credit? 14. Dillon and Angie are married and incur $6,500 of qualifying expenses to care for their two children, ages 2 and 5. Dillon's earned income is $35,000 and Angie's earnings from a part-time job are $6,000. What is the amount of the qualifying expenses for purposes of computing the child and dependent care credit?
Matthew is a single taxpayer and qualifies for the earned income credit. he has two qualifying...
Matthew is a single taxpayer and qualifies for the earned income credit. he has two qualifying children his wages are $18,900 and receives dividends invome of $900 what is the earned credit income using the EIC table ? 2019
What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
What is the taxable income liability? Jeremy earned $101,900 in salary and $7,900 in interest income...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
EXHIBIT 8-10 2019 Earned Income Credit
Table
Qualifying Children
(1)
Maximum Earned Income Eligible for Credit
(2)
Credit %
(3)
Maximum Credit
(1) × (2)
(4)
Credit Phase- Out for AGI (or earned income if greater) Over This
Amount
(5)
Phase-Out Percentage
No Credit When AGI (or earned income if
greater) Equals or Exceeds This Amount (4) +
[(3)/(5)]
Married taxpayers filing joint
returns
0
$ 6,920
7.65%
$ 529
$14,450
7.65%
$21,370
1
10,370
34
3,526
24,820
15.98...
1.)
Carolyn has an AGI of 39900 (all from earned income) two
qualifying children and is filing as a head of household. what
amount of earned income credit is she entitled to? (use 2018 earned
income credit table).
$0
$1243
$3461
$4473
$5716
2.)
1040
1248
1428
2294
3.)
0
2240
2880
1830
4.)
21820
20770
9820
9660
Miley, a single taxpayer, plans on reporting $30,100 of taxable income this year (all of her income is from a part-time job)....
Juan and Lydia both work, file a joint return, and have one qualifying child. They have AGI of $19.900. What is their EIC? Use Table 9-3. Multiple Choice $609 $3.461. $6.148. O $10,180 Number of Eligible Children None One Two Three or More 7.65% 34.0% 40.0% 45.0% $6,780 $10,180 $14,290 $14,290 $519 $3.461 $5,716 $6.431 7.65% 15.98% 21.06% 21.06% EIC percentage For earned Income up to Maximum EIC Phaseout percentage For folnt filers: Phaseout starts at earned Income of Phaseout...
Q6
What is the tax refund?
Mr. and Mrs. Kigali's AGI (earned income) was $15,010. Their federal income tax withholding was $890. They had no itemized deductions and two dependent children, ages 18 and 19. If Mr. and Mrs. Kigali are entitled to a $4,724 earned income credit, compute their income tax refund. Assume the taxable year is 2019. Use Standard Deduction Table. Tax refund Married filing jointly and surviving spouses Married filing separately Head of household Single $24,400 12,200...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
What is the taxable income liability?
Jeremy earned $101,900 in salary and $7,900 in interest income during the year. Jeremy's employer withheld $11,200 of federal income taxes from Jeremy's paychecks during the year. Jeremy has one qualifying dependent child who lives with him. Jeremy qualifies to file as head of household and has $31,700 in itemized deductions, (Use the tax rate schedules.) Problem 4-28 Part-b b. Assume that in addition to the original facts, Jeremy has a long-term capital gain...
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