Andy and Delilah Both Work and Have One Qualifying Child

question 45

Multiple Choice

Andy and Delilah both work and have one qualifying child.They had AGI of $21,000.What is their EIC?

• A)$3,356.
• B)$3,373.
• C)$5,572.
• D)$0.

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Definitions:

Partnerships

A lawful business structure involving two or more people who jointly manage and distribute earnings.

Proprietorships

A business structure owned by a single individual who is responsible for its liabilities and entitled to its profits.

Corporate Income Tax

A tax imposed on the net income or profit of corporations and other business entities.

Progressive

A tax system where the tax rate increases as the taxable amount increases, making it more burdensome for higher earners.