Matthew is a single taxpayer and qualifies for the earned income credit. he has two qualifying...
Homework Answers
Answer:
Matthew's investment income is $900 which is less than $3,600 and his earned income is less than threshold of $46,703 (for Single files with 2 qualifying children).
Matthew's earned credit income using the EIC table of Tax year 2019 is = $5,828
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Matthew is a single taxpayer and qualifies for the earned income
credit. he has two qualifying...
Problem 7-6 Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned income credit. Di...
Problem 7-6 Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2018, Diane's wages are $18,300 and she receives dividend income of $700. Earned Income Credit Phase-Out Ranges Other than joint filers Joint filers Number of Qualifying Children Phaseout Phaseout Phaseout Phaseout Begins Ends Begins Ends None $8,490 $15,270 $20,950 $14.170 $46,010 $40,320 $24,350 $18.660 $51,492 $24,350 $18,660 $45.802...
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)...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be...
8 Credits [1] If a taxpayer qualifies for the Earned Income Credit, such credit can be subtracted from A. Gross income to arrive at adjusted gross income. B. Adjusted gross income to arrive at taxable income. C. The tax owed, or can result in a refund, but only if the taxpayer had tax withheld from wages. D. The tax owed, or can result in a refund, even if the taxpayer had no tax withheld from wages. [2] Which of the...
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)....
4. Which of the following is not true of the earned income credit? If the credit...
4. Which of the following is not true of the earned income credit? If the credit is $300 and the taxpayer has $180 in income taxes, a refund of $120 will be received. Earned income usually refers to income such as wages. The maximum credit possible can only be received if the taxpayer has three or more qualifying children. The credit is not allowed if the taxpayer has no qualifying children.
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...
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. A single person with earned income of $7,554 and no qualifying children. A single person with earned income of $22,500 and two qualifying children. A married couple filing jointly with earned income of $34,190 and one qualifying child.
Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is...
Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as a head of household. What amount of earned income credit is she entitled to? (Exhibit 8-10) Multiple Choice o o o o EXHIBIT 8-10 2019 Earned Income Credit Table (1) (4) Maximum Earned Income Eligible for Credit Qualifying Children (2) $ 6,920 10.370 14,570 14,570 (3) No Credit When AGI (or earned Maximum Credit Phase-Out for AGI (5) income if greater) Equals...
Your client Sam, is 30 years old and single Taxpayer. In 2019, he reported an AGI...
Your client Sam, is 30 years old and single Taxpayer. In 2019, he reported an AGI of $12,000, all from his job as a server at the local café. He is single and has no dependents. What amount of earned income credit may he claim in 2019?
could you please answer quiestion #1-2 Problem #1 Kobe is a single dad with two dependent...
could you please answer quiestion #1-2
Problem #1 Kobe is a single dad with two dependent children, Lizzie, age 7 and Leslie, age 3. He has AGI of $51.000 and paid $6.300 to a qualified day care center. What amount of credit can Kobe receive for the child and dependent care credit? Problem #2 DJ and Nicolette paid $1,600 in qualifying expenses for their daughter Nicole to attend the University of Nevada Nicole is a sophomore. DJ and Nicolette's AGI...
Problem 7-6 Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2018, Diane's wages are $18,300 and she receives dividend income of $700. Earned Income Credit Phase-Out Ranges Other than joint filers Joint filers Number of Qualifying Children Phaseout Phaseout Phaseout Phaseout Begins Ends Begins Ends None $8,490 $15,270 $20,950 $14.170 $46,010 $40,320 $24,350 $18.660 $51,492 $24,350 $18,660 $45.802...
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)....
4. Which of the following is not true of the earned income credit? If the credit is $300 and the taxpayer has $180 in income taxes, a refund of $120 will be received. Earned income usually refers to income such as wages. The maximum credit possible can only be received if the taxpayer has three or more qualifying children. The credit is not allowed if the taxpayer has no qualifying children.
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...
Carolyn has an AGI of $38,000 (all from earned income) and two qualifying children and is filing as a head of household. What amount of earned income credit is she entitled to? (Exhibit 8-10) Multiple Choice o o o o EXHIBIT 8-10 2019 Earned Income Credit Table (1) (4) Maximum Earned Income Eligible for Credit Qualifying Children (2) $ 6,920 10.370 14,570 14,570 (3) No Credit When AGI (or earned Maximum Credit Phase-Out for AGI (5) income if greater) Equals...
could you please answer quiestion #1-2
Problem #1 Kobe is a single dad with two dependent children, Lizzie, age 7 and Leslie, age 3. He has AGI of $51.000 and paid $6.300 to a qualified day care center. What amount of credit can Kobe receive for the child and dependent care credit? Problem #2 DJ and Nicolette paid $1,600 in qualifying expenses for their daughter Nicole to attend the University of Nevada Nicole is a sophomore. DJ and Nicolette's AGI...
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