Making Work Pay Credit

What is it?

  • A new tax credit for U.S. workers to help stimulate the economy
  • Federal tax credit up to $400 per taxpayer, or $800 for joint returns
  • Provided as an increase in take-home pay for 2009 and 2010
  • A phase-out applies for income over $75,000 (or $150,000 joint)

Why is it important now?

  • You may have more money to spend each paycheck
  • Many U.S. workers will qualify as "eligible individuals"
  • You may see higher wages by April 1, 2009
  • The tax credit applies for 2009 and 2010

How does it work?

  • You may start seeing the savings in your paycheck by April
  • Self-employed individuals will see the savings at tax time
  • You must provide your Social Security Number to claim the credit
  • Claim the full tax credit on your 2009 and 2010 federal returns
BackNext
---
| |
---

The information contained herein is drawn from sources that are believed to be reliable, but it cannot be guaranteed as to completeness or accuracy. The content is not intended to be, and should not be relied upon as, tax, legal, or financial planning advice. Consult your tax advisor for specific advice.

Copyright © 2009-2017 Finity Communications, Inc. All Rights Reserved.
Terms of Use | Privacy Policy