Problem 7-6 Earned Income Credit (LO 7.2) Diane is a single taxpayer who qualifies for the earned income credit. Di...

Question

Question

Answer 1

Answer #1

Ans: Diane wages= $18,300

Dividend income= $700

Total= $19,000

status= single qualifying children= 2 i.e. 3 and 5 years

According to table of EITC 2018 Diane EIC=$5639

FOR link of EITC TABLE visit (https://taxmap.irs.gov/taxmap/instr/i1040gi-018.htm#TXMP2db1d5c4)

Answer 2

Similar Homework Help Questions

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...
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
Please write in MATLAB code Write a program that can calculate the amount of federal tax...

Please write in MATLAB code Write a program that can calculate the amount of federal tax a person owes for the upcoming year. After calculating the amount of tax owed, you should report to the user their filing status (single/joint), which tax rate they fell under, as well as the tax owed. Example: “As a single filer you fell under 12% tax bracket and you owe $3500.” Disclaimer: This example is simplified and is not intended to be an accurate...

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...