25 May Question 1. Julia is 30 years old, unmarried with a 9 year-old daughter, and has earnings during 2014 of $19,700. Does she qualify for the earned income credit? If so, calculate the amount of credit t
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Julia is 30 years old, unmarried with a 9 year-old daughter, and has earnings during 2014 of $19,700. Does she qualify for the earned income credit? If so, calculate the amount of credit that is available to her.2. Jack and Jill are married, have three children, and have earnings during 2014 of $28,500. Do they qualify for the earned income credit? If so, calculate the amount of credit that is available to them.
3. Henry, age 68, and Wilma, age 69, are married retirees who received the following income and retirement benefits during the year.
| Fully taxable pension from Henry’s former employer | $8,800 |
| Taxable interest | 4,500 |
| Social Security benefits | 2,400 |
Assume Henry and Wilma file a joint return, have no deductions forAGI, and do notitemize their deductions. Are they eligible for the tax credit for the elderly? If so, calculate the amount of the credit, assuming the credit is notlimited by their income tax liability.
4. Summer Corporation’s business is international in scope and is subject to income taxes in several countries. Summer’s earnings and income taxes paid in the relevant foreign countries are:
| Country | Income | Taxes | |
| A | $1,000,000 | $500,000 | |
| B | 300,000 | 30,000 | |
| C | 400,000 | 120,000 | |
| Total | $1,700,000 | $650,000 |
If Summer Corporation’s worldwide income subject to taxation in the United States is $2,400,000 and the U.S. income tax due prior to the foreign tax credit is $816,000, compute the allowable foreign tax credit. If, instead, the total foreign income taxes paid were $550,000, compute the allowable foreign tax credit.
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