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Earned Income Credit: For each of the following situations, compute the taxpayers’ 2019 earned income credit. A....

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Accounting

Earned Income Credit:

For each of the following situations, compute the taxpayers’2019 earned income credit. A. Patty and Ron Barnett file a jointreturn, claiming their two sons, ages 3 and 5, as dependents. TheBarnett’s AGI is $14,400, which consists entirely of Ron’s wages.B. Joseph is a 25-year-old graduate student. His gross incomeconsists of $5,000 of wages and $80 in interest from a savingsaccount. Joseph files as single and claims no dependents. C.Suzanne and Vernon Zimmerman file a joint return, claiming their6-year-old daughter as a dependent. The Zimmermans’ AGI consists ofVernon’s $26,375 in wages, and $400 in dividend income. D. Sarahfiles as head of household, claiming her 2-year-old son as adependent. Sarah’s AGI consists of $18,000 in wages and $3,620 ininterest income.

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3.7 Ratings (456 Votes)
Answer A Earned income credit 5828 Explanation Barnetts AGI 14400 Most extreme earned income credit with two qualifying youngsters is 5828 Earned income credit in the event of married filing mutually with two    See Answer
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