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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.
With all the press surrounding the new payroll tax holiday for 2011, it's easy to forget about the Making Work Pay Credit. The credit, which was the cornerstone of President Obama's economic ...
Getty Images By Robert Berger If you're like many retirees, you could use a little extra money to get by, beyond your retirement savings and Social Security. Or maybe you're just looking for ways ...
A wage subsidy is equivalent to a system in which the payment u to unemployed workers is broken down into the sum of a partial basic income (PBI) s and an additional benefit u – s ; the take-home pay of employed workers will then be the sum of s and a proportion of their pre-tax wage. A partial basic income is paid to surfers and others ...
Congress' effort to stimulate the economy included pushing through a series of tax breaks in 2009. The centerpiece of the legislation was the Making Work Pay Credit, which was intended to provide ...
"Voluntary benefits" is the name given to a collection of benefits that employees choose to opt-in for and pay for personally, although as with flex plans, many employers make use of salary sacrifice schemes where the employee reduces their salary in exchange for the employer paying for the perk.
The highly touted Making Work Pay tax credit is proving to be a headache for many taxpayers this season. Despite a PR campaign by the IRS designed to provide information about the credit ...
Schedule M (2009 and 2010) was used to claim the Making Work Pay tax credit (6.2% earned income credit, up to $400). [7] 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 ...