Business, Legal & Accounting Glossary
Making Work Pay Credit. This form is used for taxpayers who are not claimed as a dependent by another taxpayer, those who are not a nonresident alien and have a valid Social Security number, or those who have received an earned income – although the maximum credit is reached at $6,451 for individual taxpayers and $12,903 for those who are married and filing jointly. This credit equals 6.2 percent of an individual’s earned income, with a maximum of $400 for individual taxpayers, and a maximum of $800 for married couples who file jointly. Married couples are eligible for the credit, even if only one spouse works.
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Definitions for 1040 Form Schedule M are sourced/syndicated and enhanced from:
This glossary post was last updated: 13th November, 2021 | 0 Views.