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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.
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 ...
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 ...
Popular credits for 2010 include the Making Work Pay Credit, the American Opportunity Credit and the Earned Income Tax Credit. Show comments. ... NFL divisional round schedule, playoff bracket ...
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.
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 ...
The payment schedule was based on whether the taxpayer's 2007 tax return listed direct deposit information as well as the last two digits of the social security number of the tax return's main filer, with direct deposits being sent between May 2 and May 16, and paper checks being sent between May 16 and July 11. [8]
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 ...