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The Making Work Pay tax credit was a personal credit provided in tax years 2009 and 2010 to U.S. federal income taxpayers. [1] It was authorized in the American Recovery and Reinvestment Act of 2009 . The credit was given at a rate of 6.2 percent of earned income up to a maximum of $400 for individuals or $800 for married taxpayers.
In addition, since the idea of the credit was to provide an incentive to work, taxpayers must have earned income, meaning wages from working, to qualify for the credit. Show comments Advertisement
The Making Work Pay credit is intended to provide tax relief for working and middle class families. This means most taxpayers will be eligible for the credit, but there are some exceptions:
Each year, a few well-known tax credits seem to make news. In 2010, those credits included the housing credit, the energy tax credit, and the popular Making Work Pay Credit. At the same time ...
Schedule M (2009 and 2010) was used to claim the Making Work Pay tax credit (6.2% earned income credit, up to $400). Schedule R is used to calculate the Credit for the Elderly or the Disabled. Schedule SE is used to calculate the self-employment tax owed on income from self-employment (such as on a Schedule C or Schedule F, or in a partnership).
The United States federal earned income tax credit or earned income credit ( EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and number of children. Low-income adults with no children are eligible. [1]
The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 ( PRWORA) is a United States federal law passed by the 104th United States Congress and signed into law by President Bill Clinton. The bill implemented major changes to U.S. social welfare policy, replacing the Aid to Families with Dependent Children (AFDC) program with ...
The centerpiece of the legislation was the Making Work Pay Credit, which was intended to provide tax relief for working and middle class Making Work Pay Credit not likely to be extended Skip to ...