George Is a Single Father Who Has 2 Qualifying Children

question 55

Multiple Choice

George is a single father who has 2 qualifying children. His AGI is $25,000. How much is his EIC (use the EIC formula) ? (Round your answer to the nearest dollar.)

• A) $3,359.
• B) $4,097.
• C) $5,259.
• D)$5,548.

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Definitions:

Capital Balances

The amounts of money that the owners of a company have contributed to it or have accumulated over time.

Unlimited Liability

A legal structure in business where the owners are personally responsible for all the debts and liabilities of the business.

Mutual Agency

A principle in partnerships where each partner has the authority to bind the partnership to contracts within the scope of the business's operations.

Limited Life

A term that refers to the finite existence of a business entity or an asset's useful life.