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Topic: Earned income tax credit


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Tax

In the News (Tue 23 Apr 19)

  
  The Earned Income Tax Credit   (Site not responding. Last check: 2007-11-03)
Minnesota’s credit ranges from 22 percent to 46 percent of the federal credit, depending on family size and income; the average is 29 percent for families with children.
The Earned Income Tax Credit Campaign Partnership, sponsored by the IRS, the city of Los Angeles, and the county of Los Angeles, began in 1998 in response to a city-commissioned study on the living wage.
EITC Noncompliance: The Misreporting of Children and the Size of the EITC.
www.financeproject.org /Publications/friedmanapril.htm   (5967 words)

  
 Earned Income Tax Credit
Earned income credit is available to employees who meet certain criteria or qualifications.
The credit may be taken as a lump-sum when an employee files his or her income tax return, or employees may request advance payments through their paychecks for a portion (60%) of the credit due them, up to a maximum of $1,648.
The maximum earned income amount applies to the total earned by both spouses if a joint tax return is filed.
www.siu.edu /~payroll/income.html   (449 words)

  
 The Federal Earned Income Tax Credit and Minnesota Working Family Credit - House Research
The credits equal a percentage of earned income, up to a maximum credit amount, and are phased out when the claimant’s total income exceeds a threshold.
Filers claim the credits when they file their federal and state income tax returns, by completing a schedule or worksheet.
In tax year 2004, Minnesotans claimed $412 million in EITC, of which $55 million offset tax liability and the remaining $357 million was paid as a refund.
www.house.leg.state.mn.us /hrd/issinfo/sseitcwfc.htm   (595 words)

  
 RESULTS: Earned Income Tax Credit
EITC is intended to “make work pay.” It rewards low-wage work by decreasing the taxes that low-wage workers pay on their earnings and by supplementing their wages, and to bring a family with a full-time minimum-wage worker to the poverty line so the family does not have to raise a child in poverty.
For 2005 tax filers, eligible workers raising two or more children who have earned income under $37,000 are eligible for up to $4,400 in credits.
Studies have shown that the Earned Income Tax Credit generates large decreases in poverty and substantial increases in employment, as well as decreasing the amount of single parents receiving cash welfare.
www.results.org /website/article.asp?id=359   (342 words)

  
 Earned Income Tax Credit Campaign 2007
EITC is a federal income tax credit that is refunded to qualified taxpayers after their taxes have been paid.
EITC is based on the amount of your earned income; it is set up on a sliding scale and is claimed by filing a federal income tax return.
The Advance EITC (AEITC) allows taxpayers who expect to qualify for the Earned Income Tax Credit and have at least one qualifying child to receive part of the credit in each paycheck during the year.
www.window.state.tx.us /taxinfo/eitc   (588 words)

  
 Earned Income Tax Credit Usage in Milwaukee County
This report examines the usage of the earned income tax credit by Milwaukee County employed families, based on 1998 income tax returns filed with the Wisconsin Department of Revenue by single and married filers with dependents.
For those working family tax filers who claim the state credit, Wisconsin adds 4 percent to the federal credit for families with one qualifying child, adds 14 percent to the federal credit for families with two qualifying children, and adds 43 percent to the federal credit for families with three or more qualifying children.
Based on their income and family size, it is estimated that there were at least $27 million in unclaimed federal and state earned income tax credits for the 1998 tax year.
www.uwm.edu /Dept/ETI/barriers/eitc98.htm   (988 words)

  
 Lexlinc - Earned Income Tax Credit   (Site not responding. Last check: 2007-11-03)
Earned Income Tax Credit (EITC) is a federal tax initiative to assist low-income families in self-sufficiency.
EITC is an additional amount of money families may receive when they file their taxes.
The average EITC filer in Fayette County receives a pay raise of $.75/hour due to the tax credit.
www.lexlinc.org /main_pages/pages/earned_income_tax_credit.htm   (476 words)

  
 Earned Income Tax Credit (EITC)
The EITC is a "refundable" credit worth up to $4,400 (with two children) for the 2005 tax year, and up to $4,536 for the 2006 tax year.
Earned income also can be disability payments paid by an employer’s plan if you retired on disability prior to retirement age.
The maximum credit in tax year 2005 was $399 with no qualifying children, $2,662 with one qualifying child, and $4,400 with two or more qualifying children.
www.workworld.org /wwwebhelp/earned_income_tax_credit_eitc_.htm   (1293 words)

  
 Earned Income Tax Credit
EITC is a tax benefit for working people who earn low and moderate incomes (less than $35,000 a year).
EITC refunds can be up to $4,200 per year, based on family size and income.
In 2000, the EITC provided roughly the same level of federal assistance to low-income families nationwide as the TANF and food stamp programs combined, according to a study released in January 2003 by the Brookings Institution.
www.gpuac.org /media/EarnedIncomeTaxCredit.htm   (729 words)

  
 Taxes: Earned Income Tax Credit
The Earned Income Tax Credit (EITC) is a refundable Federal tax credit for eligible individuals and families who work and have earned income under $32,121.
Earned income includes all the income and wages you get from working - even if it is not taxable.
The advance EITC allows those taxpayers who expect to qualify for the Earned Income Tax Credit (EITC) and have at least one qualifying child to receive part of the credit in each paycheck during the year the taxpayer qualifies for the credit.
www.legal-aid.com /taxes/EITC.html   (1260 words)

  
 Earned-income tax credit
The earned-income tax credit (EITC) is designed to supplement the wages of low- and moderate-income workers, primarily working families with children.It's available whether or not a family owes income taxes.
The credit is phased out between $11,610 and $28,490 in income for two-child-plus families and between $11,610 and$25,080 for one-child families.
The combination of the 15% federal income tax rate, the (effectively)14% payroll tax, state income taxes and the 21% EITC phase-out means that a two-child worker making between $11,610 and $28,490 keeps less than half of each additional dollar in wages earned.
www.ctj.org /hid_ent/part-3/part3-3.htm   (539 words)

  
 Republicans And The Earned Income Tax Credit
But it was impractical to cut their payroll taxes because there was a strong tradition of having a single tax rate that every worker paid on the first dollar of earnings.
The refunded portion of the credit, which is scored as direct spending in the budget, rose from $10 billion in 1992 to $26 billion in 2000.
The child credit was intended to make it easier for mothers to stay at home and raise their children, rather than work outside the home.
www.ncpa.org /edo/bb/2003/bb061603.html   (844 words)

  
 Taxes: Credits - Earned income tax credit.
Workers who qualify for the credit and file a federal tax return can get back some or all of the federal income tax that was taken out of their pay during the year.
While the earned income tax credit is a big help to many filers, it does have its critics.
Many taxpayers complain that the credit is hard to compute, its eligibility tests are cumbersome, figuring qualifying income is difficult, and the definition for dependent status differs from the one used when filing a regular income tax Form 1040.
www.bankrate.com /brm/itax/Edit/basics/Tax_credits/basic_2a.asp   (438 words)

  
 Glossary: Earned Income Tax Credit
A program that allows individuals with at least one qualifying child to incrementally receive the Earned Income Tax Credit in their paycheck throughout the year.
Income received for services performed in a foreign county by an individual residing in that country.
Age — must be under the age of 19 at the end of the tax year, or under the age of 24 if a full-time student for at least five months of the year, or be permanently and totally disabled at any time during the year.
www.disabilitybenefits101.org /ca/glossary/glossary_421.htm   (395 words)

  
 "Earned Income Tax Credit," E-Perspectives, Issue 4, 2002
The Earned Income Tax Credit (EITC) is a refundable tax credit that reduces the tax burden of low- to moderate-income workers.
The actual credit is based on the family's total income and the number of qualifying children.
If workers discover they were eligible for the EITC in 2001, 2000 and 1999, they can claim it for those three years by completing a separate tax return for each year and attaching a Schedule EIC to each return.
www.dallasfed.org /ca/epersp/2002/4_2.html   (1107 words)

  
 Tax Credits for Low Income Families in Wisconsin
These credits can bring thousands of extra dollars to individuals and families -- yet every year, thousands of people who are eligible for these tax credits fail to claim them.
This website is intended to increase awareness and use of available tax credits among low and moderate income families in Wisconsin.
It includes detailed information about key tax credits; ideas and resources for outreach; links to help locate free tax assistance; links to relevant tax forms and instructions; statistics on use of tax credits; and a variety of other information.
www.uwex.edu /ces/econ   (222 words)

  
 Minimum Wage, the Earned Income Tax Credit, and Inflation
The earned income tax credit was enacted in 1975 to help provide subsidies to low-income working families.
Without the EITC, this family would need to earn $7.21 per hour (140 percent of the federal minimum) to have the same income (more if payroll taxes are considered).
The Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution, provides independent, timely, and accessible analysis of current and emerging tax policy issues for the public, journalists, policymakers, and academic researchers.
www.urban.org /url.cfm?ID=1000855   (575 words)

  
 Economic Scene: Earned-Income Tax Credit Is a Rare Welfare-Reform Success   (Site not responding. Last check: 2007-11-03)
As the income of a two-child family increases from $12,500, to $30,850, it gradually loses its $3,816 tax credit.
When this reduction is combined with the 15.3 percent Social Security wage tax paid by both employee and employer and the payment of income tax at a 15 percent rate, the burden on American families earning $28,000 ends up with them paying the highest marginal federal tax rates of anyone.
The earned-income tax credit is a social insurance program administered by the Internal Revenue Service, an agency whose core mission does not involve lifting the incomes of the working poor.
maxspeak.org /SFC/News/delong.htm   (1013 words)

  
 State Earned Income Tax Credits
The federal earned income tax credit (EITC) was established in 1975 as part of the individual income tax to offset payroll taxes for low-income working families.
State income and sales taxes are more regressive than federal taxes, and many households that are exempt from federal income tax are subject to state income taxes.
The credits range from 5 percent of the federal credit in Oklahoma, Maine, and Oregon to a maximum of 43 percent in Wisconsin.
www.urban.org /url.cfm?ID=1000632   (551 words)

  
 Earned Income Tax Credit   (Site not responding. Last check: 2007-11-03)
EITC is a federal tax credit that recognizes the economic contributions of working families.
For 2003, the maximum credit is over $4,200, and families with incomes up to about $34,700 may qualify.
Almost half of Ohio’s individual tax return filers were eligible in 2000, but less than 25% of eligible Ohioans claimed the EITC that year.
www.house.gov /sherrodbrown/oldsite/EITC.html   (665 words)

  
 Earned Income Tax Credit for Workers - Washington Workfirst   (Site not responding. Last check: 2007-11-03)
The amount of the tax credit depends on family size and gross income.
You cannot claim the EITC if you were a nonresident alien for any part of 2005, unless you are married to a U.S. citizen or resident alien and you chose to be taxed as a resident alien for all of 2005.
If you have a qualifying child, and you are eligible for the EITC, you may be able to receive part of the tax credit with each paycheck throughout the year.
www.workfirst.wa.gov /eitc/worker.htm   (886 words)

  
 Tax Credits for People Who Work
The credit can mean up to $2,662 for workers raising one child in their home, or up to $4,400 for workers raising more than one child.
The Earned Income Credit is for full-time or part-time, single or married workers raising at least one "qualifying child" at home--and some childless workers.
It can offset taxes taken out as payroll withholding and cover what is still owed at the end of the year, depending on the size of the credit.
missourifamilies.org /features/financearticles/taxcredit.htm   (1133 words)

  
 Tax Credits - Earned Income Credit
Credit Amount: 32% of Federal earned income tax credit.
Can be used as payment toward income tax liability.
Credit Limitation: Must be qualified for and receive Federal earned income tax credit.
www.state.vt.us /tax/creditsearnedinc.shtml   (49 words)

  
 Earned Income Tax Credit (EITC) - Virginia Department of Social Services
The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for low income working individuals and families.
Qualifications for the EITC refund vary depending upon your family size, filing status and income.
You may also be able to file your federal taxes for free through the IRS Free File Alliance.
www.dss.virginia.gov /benefit/eitc/index.html   (260 words)

  
 EITC Information for IRS Partners
A tax credit is a dollar-for-dollar reduction of taxes owed.
Some credits are refundable – taxes could be reduced to the point that an individual would receive a refund rather than owing any taxes.
Your organization can sponsor Volunteer Income Tax Assistance (VITA) sites in your community to prepare tax returns for those who cannot prepare their own and cannot afford professional help.
www.irs.gov /individuals/article/0,,id=96456,00.html   (98 words)

  
 Earned Income Credit - Find out if you qualify!
The IRS Earned Income Tax Credit (EITC) is a tax credit for certain people who work and have earned income under $35,263.
You may be able to elect to use your 2004 earned income to figure your EIC if (a) your 2004 earned income is more than your 2005 earned income, and (b) your main home was in the Hurricane Katrina disaster area on August 25, 2005.
The IRS has asked some Earned Income Tax Credit (EITC) claimants to verify that they meet key eligibility requirements in order to claim their earned income tax credit.
www.online-taxes.com /home/eic.asp   (497 words)

  
 EITC
One answer is to help eligible families and individuals access the federal Earned Income Tax Credit (EITC.) The EITC is a refundable federal tax credit that helps working people achieve economic stability and security.
The Michigan EITC Outreach Initiative is a statewide effort, led by the Governor’s office, to increase collection of the EITC by eligible individuals by supporting local community coalitions in raising awareness and implementing volunteer tax preparation sites in their areas.
You are an important partner in making the promise of the EITC a reality for many of the families who do not currently receive it.
www.michigan.gov /eitc   (293 words)

  
 The minimum wage and Earned Income Tax Credit: Partners in making work pay
The Earned Income Tax Credit (EITC), one of the most substantial and popular federal anti-poverty programs, is an important piece of the ongoing strategy to make work pay, but its effectiveness in raising the incomes of the working poor above the poverty line depends in part on regular increases in the minimum wage.
By 2003, her earnings would equal 67% of the poverty line and the EITC would no longer push her income above the poverty line (as illustrated by the second bar in the figure).
The level of earnings at which the family is eligible for the maximum EITC is adjusted annually for inflation.
www.epinet.org /content.cfm/webfeatures_snapshots_05052004   (658 words)

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