Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. earned income credit: for each of the following si

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

70.2K

Verified Solution

Question

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.

Answer & Explanation Solved by verified expert
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
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Big? Steve's, a maker of swizzle? sticks, is considering the purchase of a new plastic stamping...

Finance
Q

Provide recommendations for strategies that will position hospitals for viabilty and future value creation with Value...

Finance
Q

The volume of a right circular cylinder with base radius ? and height ? is given...

Basic Math
Q

who could see an apple but could not interpret it as an apple is most...

Biology
Q

What is the significance of the quotation taken from the following passage taken from the...

Biology
Q

After the govermnent takes a census, it is determined that the population of a country...

Basic Math
Q

Solve for Q 5x 3xy for x Select one O a 5 3y Q O...

Basic Math
Q

Choose all the right statements. Use Capital Letters ONLY. If you choose more than one...

Basic Math
Q

please help me learn how to do this Meryl Manufacturing Company...

Accounting
Q

Sunland Corp., a public company, adopted a stock option plan on November 30,2023, that designated...

Accounting
Q

Osborn Manufacturing uses a predetermined overhead rate of $18.90 per direct labor-hour. This predetermined rate...

Accounting
Q

Which of the statements is correct? The statement...

Finance