For 2017,Wilson and Virginia Todd Qualify for the Earned Income

question 91

Essay

For 2017,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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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 2017 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 2017 is $16,500.​

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Definitions:

Proprietorship

A business entity that is owned and run by one individual where there is no legal distinction between the owner and the business.

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenues, expenses, and net income or loss.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenue, indicative of the company's profitability.

Net Profit

The amount of money that remains from revenues after all operating expenses, taxes, and costs have been subtracted.