FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 Percentages
Таx
Year
Phaseout Ends+
at Income of
Number of
Earned Income
Base Amount
Credit
Maximum
Credit
Phaseout
Base
Phaseout
Qualifying Children
Percentage
Percentage
2020 Married, Filing Jointly
No children
$ 7,030
7.65
$ 538
$14,680
7.65
$21,710
One child
10,540
34.00
3,584
25,220
15.98
47,646
Two children
14,800
40.00
5,920
25,220
21.06
53,330
Three or more children
14,800
45.00
6,660
25,220
21.06
56,848
Other Taxpayers
No children
$ 7,030
7.65
$ 538
$ 8,790
7.65
$15,820
One child
10,540
34.00
3,584
19,330
15.98
41,756
Two children
14,800
40.00
5,920
19,330
21.06
47,440
Three or more children
14,800
45.00
6,660
19,330
21.06
50,954
2019
Married, Filing Jointly
No children
$ 6,920
7.65
$ 529
$14,450
7.65
$21,370
One child
10,370
34.00
3,526
24,820
15.98
46,884
Two children
14,570
40.00
5,828
24,820
21.06
52,493
Three or more children
14,570
45.00
6,557
24,820
21.06
55,952
Other Taxpayers
No children
$ 6,920
7.65
$ 529
$ 8,650
$15,570
7.65
One child
10,370
34.00
3,526
19,030
15.98
41,094
Two children
14,570
40.00
5,828
19,030
21.06
46,703
Three or more children
14,570
45.00
6,557
19,030
21.06
50,162
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Transcribed Image Text:Exhibit 13.2 Earned Income Credit and Phaseout Percentages Таx Year Phaseout Ends+ at Income of Number of Earned Income Base Amount Credit Maximum Credit Phaseout Base Phaseout Qualifying Children Percentage Percentage 2020 Married, Filing Jointly No children $ 7,030 7.65 $ 538 $14,680 7.65 $21,710 One child 10,540 34.00 3,584 25,220 15.98 47,646 Two children 14,800 40.00 5,920 25,220 21.06 53,330 Three or more children 14,800 45.00 6,660 25,220 21.06 56,848 Other Taxpayers No children $ 7,030 7.65 $ 538 $ 8,790 7.65 $15,820 One child 10,540 34.00 3,584 19,330 15.98 41,756 Two children 14,800 40.00 5,920 19,330 21.06 47,440 Three or more children 14,800 45.00 6,660 19,330 21.06 50,954 2019 Married, Filing Jointly No children $ 6,920 7.65 $ 529 $14,450 7.65 $21,370 One child 10,370 34.00 3,526 24,820 15.98 46,884 Two children 14,570 40.00 5,828 24,820 21.06 52,493 Three or more children 14,570 45.00 6,557 24,820 21.06 55,952 Other Taxpayers No children $ 6,920 7.65 $ 529 $ 8,650 $15,570 7.65 One child 10,370 34.00 3,526 19,030 15.98 41,094 Two children 14,570 40.00 5,828 19,030 21.06 46,703 Three or more children 14,570 45.00 6,557 19,030 21.06 50,162
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