Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,400 during 2020 and uses the standard deduction.Calculate the amount, if any, of Jason's earned income credit. $___________ Exhibit 13.2 Earned Income Credit and Phaseout PercentagesТаxYearPhaseout Ends+at Income ofNumber ofEarned IncomeBase AmountCreditMaximumCreditPhaseoutBasePhaseoutQualifying ChildrenPercentagePercentage2020 Married, Filing JointlyNo children$ 7,0307.65$ 538$14,6807.65$21,710One child10,54034.003,58425,22015.9847,646Two children14,80040.005,92025,22021.0653,330Three or more children14,80045.006,66025,22021.0656,848Other TaxpayersNo children$ 7,0307.65$ 538$ 8,7907.65$15,820One child10,54034.003,58419,33015.9841,756Two children14,80040.005,92019,33021.0647,440Three or more children14,80045.006,66019,33021.0650,9542019Married, Filing JointlyNo children$ 6,9207.65$ 529$14,4507.65$21,370One child10,37034.003,52624,82015.9846,884Two children14,57040.005,82824,82021.0652,493Three or more children14,57045.006,55724,82021.0655,952Other TaxpayersNo children$ 6,9207.65$ 529$ 8,650$15,5707.65One child10,37034.003,52619,03015.9841,094Two children14,57040.005,82819,03021.0646,703Three or more children14,57045.006,55719,03021.0650,162

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Answered: Jason's earned income credit

Business

Accounting

Jason's earned income credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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