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Working Tax Credit (WTC) is a state benefit in the UK for low-income workers. It is paid by HMRC and will be replaced by Universal Credit by 2024. Learn how it works, its history, elements and withdrawal rates.
Learn about the federal tax credit for low- to moderate-income working individuals and couples in the US, its history, eligibility, and impact. Find out how the EITC phases in, phases out, and interacts with other programs and factors.
A tax credit is a tax incentive that allows taxpayers to reduce their tax liability or get a refund. Learn about different types of tax credits, such as low income subsidies, income tax credits, and tax credits for payments, and how they work in various countries.
Learn about the different types and levels of taxes imposed by the federal, state, and local governments in the U.S. Find out how taxes affect income, spending, and inequality in the country.
The Employee Retention Credit (ERC) is a U.S. federal tax credit for certain employers affected by the COVID-19 pandemic. It was available from March 2020 to September 2021, and it was based on qualified wages paid to eligible employees.
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.
The LIHTC provides funding for the development costs of low-income housing by allowing an investor (usually the partners of a partnership that owns the housing) to take a federal tax credit equal to a percentage (either 4% or 9%, for 10 years, depending on the credit type) of the cost incurred for development of the low-income units in a rental housing project.
Learn about the various forms and schedules used by the IRS for taxpayers and tax-exempt organizations to report financial information and calculate taxes. Find out the history, purpose, and features of Form 1040, the only form used for personal federal income tax returns since 2018.