Welcome Guest. Register Now!  


For 2009 Tips for tax year 2009


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-31-2010, 03:33 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,398
Blog Entries: 3
What is the Making Work Pay Tax Credit and how much is it for 2009?

When the Government passed the 2009 economic stimulus plan, part of the plan involved the "Making Work Pay tax credit". This tax credit "will provide a tax credit in 2009 and 2010 equal to 6.2 percent of your earned income up to a maximum of $400 for individual filers and $800 for couples."

Individual Taxpayers who have their taxes withheld from their paychecks will see a decrease in the federal income taxes withheld by their employers from each paycheck by about $30 per paycheck every two weeks (and $60 for joint filers). This plan was put in effect on July 2009.

If you are self-employed, you can claim the credit when you file your 2009 tax return or reduce each of your 2009 quarterly estimated tax payments by $100. If you file your tax return using a tax software program, you should be prompted you to take this credit.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
nyc school tax credit 2009 MrZ68 Miscellaneous 1 01-31-2010 07:37 PM
The IRS announces an increase in Adoption tax credit for 2009! TaxGuru Tax Credit 0 07-19-2009 10:48 AM
work in NY, live in NJ - confused about tax credit confusedwtaxes Miscellaneous 0 03-05-2009 11:07 AM
How does this First Home Buyers Credit work? TaxGuru Homeowner Tax 0 01-29-2009 02:52 AM
What are the consequences of not making a full payment along with the Extension? TaxGuru General 0 04-10-2008 12:33 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning