How much is considered earned income

Assignment Help Accounting Basics

Reference no: EM132665460

Problem 1: In which of the following scenarios does the taxpayer fail to meet the residency test for EIC purposes?

Select one:

a. A taxpayer who is 64 years old and lived in the United States for more than half of the year

b. A taxpayer whose child lived with him all year. He and his spouse separated on May 29.

c. A taxpayer whose child lived with him for 5 months and 28 days

d. A taxpayer whose eligible foster child lived with him all year

Problem 2: Lucy had the following income in tax year 2019: Wages $25,900, interest income of $1,300 and strike benefits paid by the union of $1,700. For purposes of EIC, how much is considered earned income?

Select one:

a. $25,900

b. $30,200

c. $27,200

d. $27,600

Reference no: EM132665460

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