For 2016, Wilson and Virginia Todd qualify for the earned income credit. They fi

Question

For 2016, Wilson and Virginia Todd qualify for the earned income credit. They file married filing jointly and have two dependent children, ages 6 months and 4 years at the end of the year.

a.

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b.

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a.

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Using the EIC tables, calculate the amount of Wilson and Virginia Todd's earned income credit assuming Wilson has earned income of $7,300 and Virginia has no earned income. Their adjusted gross income for 2016 is $9,000.

b.

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Calculate the amount of Wilson and Virginia Todd's earned income credit assuming Wilson has earned income of $14,300 and Virginia has earned income of $2,000. Their adjusted gross income for 2016 is $16,500.

Explanation / Answer

a. Earned income credit: $2,930
The Todd's earned income is less than the phase-out amount so they do not need to consider AGI.
b. Earned income credit: $5,572
Amount from table for earned income of $16,300 ($14,300 + $2,000)
The Todd's earned income is less than the phase-out amount so they do not need to consider AGI.

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