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Video instructions and help with filling out and completing Earned income credit table 2022
Instructions and Help about Earned income credit table 2022
Meet Julie she's a single mother with two young boys julie has an entry-level job at her local grocery store earning her twenty thousand dollars a year she qualifies for something called the Earned Income Tax Credit or as some call it the working Americans credit but what is the working Americans credit it's a refundable tax credit for low-income working individuals and couples especially those with children think of it this way because Julie works and qualifies for the working Americans credit the IRS sends her a check in the mail every year it directly supplements Julie's income through the tax code giving her more money to save and spend the working Americans credit operates on a sliding scale meaning that hardworking American parents with more children to support but less money to support them qualify for a higher working Americans credit for example Julie who has two children receives more money than someone earning a higher income with no children as Julie earns more II can more easily provide for her family her tax credit is slowly reduced and is redirected to those who require the most help it protects taxpayers promotes work and provides benefits to those who need and deserve them the working Americans credit reduces poverty while rewarding work providing parents like Julie an opportunity to start and build stable long-term careers how do we know because the working Americans credit is already working for millions of people in 2022 twenty-eight million Americans were helped by receiving tax credits this lifted 6.2 million people out of poverty including 3.3 million children the working Americans credit is more effective at helping workers than other government policies such as raising the minimum wage for entry-level work because it rewards workers with none of the unintended consequences of a mandated wage hike like job loss and higher prices it is also much more targeted than other solutions because the working Americans credit is aimed at the true working poor not teenagers working after school jobs for example so when you hear people talking about helping the working poor remember that the working Americans credit is one government policy that is proven to work just ask Julie for more information visit information station org want information on how government regulations affect your pocketbook then download the information station app available on iPhone and Android for more information go to information station org.