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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.
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Unlike the new payroll tax holiday, the number of taxpayers eligible for the Making Work Pay Credit is limited. The credit was intended to provide tax relief for working and middle class families ...
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:
“Begin this evaluation by creating an overview of your income sources; this includes severance pay, unemployment benefits or any other compensation that you may receive.”
For 2009 and 2010 there was an additional form, Schedule M, due to the "Making Work Pay" provision of the American Recovery and Reinvestment Act of 2009 ("the stimulus"). Starting in 2018, 1040 was "simplified" by separating out 6 new schedules numbers Schedule 1 through Schedule 6 to make parts of the main form optional.
Working Tax Credit (WTC) is a state benefit in the United Kingdom made to people who work and receive a low income. It was introduced in April 2003 and is a means-tested benefit . Despite the name, tax credits are not to be confused with tax credits linked to a person's tax bill , because they are used to top-up low wages.
Popular credits for 2010 include the Making Work Pay Credit, the American Opportunity Credit and the Earned Income Tax Credit. Show comments. Advertisement. Advertisement. In Other News.