Emmanuel and Camille are married, file jointly, and have two children, ages thre

Question

Emmanuel and Camille are married, file jointly, and have two children, ages three and seven, whom they support. Their AGI is $28,000, and they use the standard deduction.

Carry out computations to two decimal places, and round your final answer to the nearest dollar.

Enter the amount of Emmanuel and Camille's earned income credit: $.

Adjusted Gross Income Over But Not Over Applicable Rate of Credit $          0 $15,000 35%   15,000   17,000 34%   17,000   19,000 33%   19,000   21,000 32%   21,000   23,000 31%   23,000   25,000 30%   25,000   27,000 29%   27,000   29,000 28%   29,000   31,000 27%   31,000   33,000 26%   33,000   35,000 25%   35,000   37,000 24%   37,000   39,000 23%   39,000   41,000 22%   41,000   43,000 21%   43,000 No limit 20%

Explanation / Answer

The Emmanuel and Camille are eligible for earned income credit because they are filling return jointly and the ages of their children are less than 19 years. As their AGI is $28,000, their applicable rate of credit is 28%.

The standard deduction allowed for 2017 for married filling jointly is $12,700. Therefore there net taxable income will be $15,300 ($28,000 - $12,700)

The amount of Emmanuel and Camille's earned Income credit will be $4,284 [($28,000-$12,700)*28%]

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