ZuoTi.Pro
Question

Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2019, they earn wages of $26,30
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer-The amount of earned income credit for 2019:-

For married filing jointly with three qualifying children the maximum EITC is $6,557

For married filing jointly with three qualifying children phase out amount threshold is $24,820

For married filing jointly with three qualifying children phase out rate is 21.06%

Earned Income Credit= $6,557- ($26,300-$24,820) *21.06%

=$6,557-$312

=$6,245

Therefore Earned Income Credit is $6,245

=

1 2
Add a comment
Know the answer?
Add Answer to:
Samuel and Annamaria are married, file a joint return, and have three qualifying children. In 2019,...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • 1. 2. Exercise 13-16 (LO. 4) Santiago and Amy are married and file a joint tax...

    1. 2. Exercise 13-16 (LO. 4) Santiago and Amy are married and file a joint tax return. They have three dependent children, ages 12, 14, and 18. All parties are U.S. citizens. The couple's AGI is $140,000. Santiago and Amy's child tax credit for 2019 is $ x and dependent tax credit is $ x. Problem 13-31 (LO.4) Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,400 during 2019 and...

  • Emmanuel and Camille are married, file jointly, and have two children, ages three and seven, whom...

    Emmanuel and Camille are married, file jointly, and have two children, ages three and seven, whom they support. Their AGI is $28,470. Click here to access Exhibit 13.3 Earned Income Credit and Phaseout Percentages. Carry out computations to two decimal places, and round your final answer to the nearest dollar. Enter the amount of Emmanuel and Camille's earned income credit: $_______ Exhibit 13.3 Child and Dependent Care Credit Computations Adjusted Gross Income Applicable Over But Not Over $15,000 0 15,000...

  • Toby and Nancy are engaged and plan to get married. Toby is a full-time student and...

    Toby and Nancy are engaged and plan to get married. Toby is a full-time student and earns $5,800 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Nancy is employed and reports $74,800 in wages. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer...

  • 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...

  • Sarah and Timothy are married, have four dependent children, and file a joint return in 2019....

    Sarah and Timothy are married, have four dependent children, and file a joint return in 2019. If they have adjusted gross income (AGI) of $85,000 and itemized deductions of $12,000, what is their taxable income for 2019? (Click the icon to view the standard deduction amounts.) (If an input field is not used, leave the input field(s) empty Do not select a label or enter a zero) Minus Taxable income

  • Preston and Anna are engaged and plan to get married. Preston is a full-time student and...

    Preston and Anna are engaged and plan to get married. Preston is a full-time student and earns $7,600 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Anna is employed and reports $75,200 in wages. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final answer...

  • Santiago and Amy are married and file a joint tax return claiming their three children, ages...

    Santiago and Amy are married and file a joint tax return claiming their three children, ages 7, 14, and 22, as dependents. Their AGI is $128,000. Santiago and Amy's child tax credit for 2019 is $ ? and dependent tax credit is $. ?

  • David and Ruby are engaged and plan to get married. During 2018, David is a full-time...

    David and Ruby are engaged and plan to get married. During 2018, David is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Ruby is employed and has wages of $86,200. Click here to access the standard deduction tableto use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0". Do not round your intermediate computations. Round your final...

  • Mark and Michelle are married, file a joint return, and have two dependent children. Michelle is...

    Mark and Michelle are married, file a joint return, and have two dependent children. Michelle is a lawyer working for a corporation. Mark works as a college science teacher. During 2019, they report the following items: Mark’s Salary 83,000                         Michelle’s salary                                                                                         120,000                         Interest earned on municipal bonds 2,000                              Interest earned on Federal bonds 5,000                                                                            IRA Contribution                                                                                           10,000                                Itemized deductions                                                                                     21,000                                                                                                                                                                                                                                                                                                                                                          Compute adjusted gross income, taxable income and tax...

  • David and Ruby are engaged and plan to get married. During 2017, David is a full-time...

    David and Ruby are engaged and plan to get married. During 2017, David is a full-time student and earns $9,400 from a part-time job. With this income, student loans, savings, and nontaxable scholarships, he is self-supporting. For the year, Ruby is employed and reports $74,600 in wages. The personal exemption amount for 2017 is $4,050. Click here to access the standard deduction table to use. Click here to access the Tax Rate Schedules. If an amount is zero, enter, "0"....

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT