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The tax credit was $400 for individuals with earned income of less than $4,000. The tax credit was an amount less than $400 for individuals whose income was between $4,000 and $7,999 during the year. [11]
The Earned Income Tax Credit (EITC) is one of the largest refundable tax credits offered by the federal government. Its recent expansion makes it even more valuable to low- and moderate-income...
Earned Income Tax Credit: this refundable credit is granted for a percentage of income earned by a low income individual. The credit is calculated and capped based on the number of qualifying children, if any. This credit is indexed for inflation and phased out for incomes above a certain amount. For 2015, the maximum credit was $6,422. [62]
Tax deductions are write-offs that you use to reduce your taxable income before you calculate how much tax you owe. For example, if you make $55,000, but you qualify for a $1,000 tax deduction ...
The dollar amount that individuals receive when claiming the earned income tax credit varies dramatically based on family size, income and filing status. You need to have worked or have earned ...
(a) IN GENERAL.—Subsection (b) of section 32 is amended by adding at the end the following new paragraph: ‘‘(3) SPECIAL RULES FOR 2009 AND 2010.—In the case of any taxable year beginning in 2009 or 2010— ‘‘(A) INCREASED CREDIT PERCENTAGE FOR 3 OR MORE QUALIFYING CHILDREN.—In the case of a taxpayer with 3 or more qualifying ...
The Earned Income Tax Credit (EITC) is one type of credit that can increase your refund or reduce the amount of taxes you owe. Watch this helpful video guide from TurboTax to learn more.
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.