Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2022, Diane's wages are $19,800 and she receives dividend income of $1,200. Earned Income Credit Phase-Out Ranges Number of Qualifying Children Other than joint filers Phaseout Phaseout Begins Ends $11,610 $21,430 19,520 42,158 19,520 47,915 19,520 51,464 Calculate Diane's earned income credit using the EIC table in Appendix B. None 1 2 3 or more Joint filers Phaseout Begins $17,560 25,470 25,470 25,470 Phaseout Ends $27,380 48,108 53,865 57,414
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2022, Diane's wages are $19,800 and she receives dividend income of $1,200. Earned Income Credit Phase-Out Ranges Number of Qualifying Children Other than joint filers Phaseout Phaseout Begins Ends $11,610 $21,430 19,520 42,158 19,520 47,915 19,520 51,464 Calculate Diane's earned income credit using the EIC table in Appendix B. None 1 2 3 or more Joint filers Phaseout Begins $17,560 25,470 25,470 25,470 Phaseout Ends $27,380 48,108 53,865 57,414
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Earned Income Credit (LO 7.2)
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2022, Diane's wages are $19,800 and she receives dividend income of $1,200.
**Earned Income Credit Phase-Out Ranges**
| Number of Qualifying Children | Other than joint filers | | Joint filers | |
|-------------------------------|-------------------------|-------------------------|--------------------------|-------------------------|
| | Phaseout Begins | Phaseout Ends | Phaseout Begins | Phaseout Ends |
| None | $11,610 | $21,430 | $17,560 | $27,380 |
| 1 | $19,520 | $42,158 | $25,470 | $48,108 |
| 2 | $19,520 | $47,915 | $25,470 | $53,865 |
| 3 or more | $19,520 | $51,464 | $25,470 | $57,414 |
Calculate Diane's earned income credit using the EIC table in Appendix B.
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Transcribed Image Text:Earned Income Credit (LO 7.2)
Diane is a single taxpayer who qualifies for the earned income credit. Diane has two qualifying children who are 3 and 5 years old. During 2022, Diane's wages are $19,800 and she receives dividend income of $1,200.
**Earned Income Credit Phase-Out Ranges**
| Number of Qualifying Children | Other than joint filers | | Joint filers | |
|-------------------------------|-------------------------|-------------------------|--------------------------|-------------------------|
| | Phaseout Begins | Phaseout Ends | Phaseout Begins | Phaseout Ends |
| None | $11,610 | $21,430 | $17,560 | $27,380 |
| 1 | $19,520 | $42,158 | $25,470 | $48,108 |
| 2 | $19,520 | $47,915 | $25,470 | $53,865 |
| 3 or more | $19,520 | $51,464 | $25,470 | $57,414 |
Calculate Diane's earned income credit using the EIC table in Appendix B.
$[Text Box for Input] [Incorrect Indicator]
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