0
Why can you claim the Making Work Pay Tax Credit if it was implemented in the form of lower federal tax deductions on paychecks?
Dncoonan
The lower deductions were to provide additional income during the year. That does not change the amount of taxes you owe, but only the amount of the withholding from your paycheck. The tax credit you see on your return represents the deduction that reduced your direct liability during the year.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
How do you pass the journal entries for salary deductions?
[Debit] Salaries Expense [Credit] Salaries payable (balancing amount) [Credit] Deductions
What is Many employers offer direct deposit of what?
paychecks to a credit union
Can a federal credit union garnish disability?
Banks do not place liens or garnish your paychecks (your employer would have to do that). However, if a garnishment is received by your credit union, they have to freeze any liquid funds in your account at the time the garnishment is received and send the funds to the court (by law). This is regardless of the source of the funds.
What are the two most common deductions?
When itemizing, the two most common deductions are home morgage interest and property taxes. If you mean credits the two most common are the child tax credit and earned income credit. Both deductions and credits lower or go against your tax liability.
How can one watch his score at the Federal Credit Union?
Someone can watch their score at the Federal Credit Union by visiting the Federal Credit Union website and ordering a copy of their latest credit score. In addition, the Federal Credit Union website has a contact us page where individuals can call the Federal Credit Union to discuss their credit score.
When was Stanford Federal Credit Union created?
Stanford Federal Credit Union was created in 1959.
When was Ent Federal Credit Union created?
Ent Federal Credit Union was created in 1957.
When was USA Federal Credit Union created?
USA Federal Credit Union was created in 1953.
When was Arizona Federal Credit Union created?
Arizona Federal Credit Union was created in 1936.
When was Call Federal Credit Union created?
Call Federal Credit Union was created in 1962.
What is the population of United Federal Credit Union?
The population of United Federal Credit Union is 44.
What is United Federal Credit Union's motto?
The motto of United Federal Credit Union is 'We'll get you there.'.
