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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 13
Determine the amount of earned income credit in each of the following cases. Assume that the person or persons is/are eligible to take the credit. Calculate the credit using the formulas.
a) Single person with earned income of $7,354 and no qualifying children.
b) Single person with earned income of $21,000 and two qualifying children.
c) Married couple with earned income of $27,190 and one qualifying child.
a) Single person with earned income of $7,354 and no qualifying children.
b) Single person with earned income of $21,000 and two qualifying children.
c) Married couple with earned income of $27,190 and one qualifying child.
Explanation
Verified
Verified
a. $457; no phaseout.
b. $5,0...
Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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