Question

Ryan has been working on his 2017 taxes and determined the following: His earned income from working is less than $15,010. He has a tax liability of $350. He has no children. In 2017, a single taxpayer with earned income below $15,010 and no children could receive the earned income credit of $510. The amount of taxes that Ryan will after the tax credit is applied is

Answer 1

-$160

Explanation:

The amount of taxes Ryan will pay after the tax credit is applied can be calculated as follows:

Tax Liability - Earned Income Credit = Taxes After Credit

Taxes After Credit = Tax Liability − Earned Income Credit