George is a single father who has 2 qualifying children.His AGI is $22,000.How much is his EIC use the EIC formula)? Round your answer to the nearest dollar.)

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Quizplus · Accepted Answer

The EIC formula for taxpayers with qualifying children is: EIC = (Earned Income Credit Percentage) x (Earned Income Credit Amount) x (Phase-out Rate)The Earned Income Credit Percentage is 34% for taxpayers with 2 qualifying children.The Earned Income Credit Amount is $6,431 for taxpayers with 2 qualifying children.The Phase-out Rate is 15.98% for taxpayers with 2 qualifying children.Therefore, George's EIC is: EIC = (0.34) x ($6,431) x (1 - 0.1598) = $4,770.

George Is a Single Father Who Has 2 Qualifying Children