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Making Work Pay Credit
For 2009 and 2010, most individuals with earned income can claim a refundable Making Work Pay Credit (MWPC of up to $400 ($800 for joint returns). The Making Work Pay Credit is the lesser of 6.2% of a workers earnings or $400. Image by Getty Images via Daylife The credit effectively eliminates the first $400 of Social Security taxes. This credit is subject to phase outs as well. The amount...
March 9th, 2009 by The Tax Man
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New Withholding Tables Now Available on IRS.gov; Most Workers Will See Bigger Paychecks this Spring
IR-2009-13, Feb 21, 2009 WASHINGTON ? The Internal Revenue Service today released new withholding tables that will result in more take-home pay this spring for millions of American workers. Image by Getty Images via Daylife The new tables incorporate the new Making Work Pay credit, one of the key tax provisions included in the American Recovery and Reinvestment Act of 2009 that became law earlier...
February 27th, 2009 by The Tax Man
