Please provide me with the right solution to this problem. NOTE: this problem wi

Question

Please provide me with the right solution to this problem. NOTE: this problem will be graded. Thank you in advance.

Jason, a single parent, lives in an apartment with his three minor children, whom he supports. Jason earned $27,400 during 2016, paid $800 in qualified moving expenses during the year, and uses the standard deduction. Click here to access Earned Income Credit and phaseout percentages Table . Round all computations to the nearest dollar. Enter the amount of Jason's earned income credit: 4,290 X

Explanation / Answer

SOLUTION

Amount ($) Gross income 27,400 Less: Deduction for AGI (800) Jason’s adjusted gross income 26,600 Earned income credit: (13,930 *45%) (for three children) 6,269 Less: 21.06% * ($27,400 - $18,190) (1,940) Maximum credit allowed 4,329

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