If you are a qualified taxpayer for the EITC you can get $ 2 EITC if you have at least $ I but less than $ 50 qualifying earned income if the amount from the worksheet $ 1 to $ 50.
The Earned Income Tax Credit or the EITC is a refundable federal income tax credit for low to moderate income working individuals and families. Basically, rather than withholding the tax, the money is available with your paycheck.
The answer depends on how much money you earned, your source of income, and your number of dependents, if any. You may be eligible for a tax credit under certain circumstances. Your best bet is to call the IRS and ask.
The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $48,279. A tax credit usually means more money in your pocket. It reduces the amount of tax you owe. The EIC may also give you a refund.Go to the IRS gov website and use the search box for Publication 596 (2009), Earned Income Credit (EIC)
If you are asking about a Federal Income Tax return---Yes, you can receive a larger refund than what you paid in. If your income is low and you have children, you may be eligible for Earned Income Credit and Child Tax Credit, along with several others. These will sometimes enlarge your refund to more than you paid.
Self-employment income does qualify as earned income for the credit. If you have children, the EIC is often more than the self-employent tax you owe. This year, it can also qualify you for the Stimulus money.
The Earned Income Tax Credit or the EITC is a refundable federal income tax credit for low to moderate income working individuals and families. Basically, rather than withholding the tax, the money is available with your paycheck.
The answer depends on how much money you earned, your source of income, and your number of dependents, if any. You may be eligible for a tax credit under certain circumstances. Your best bet is to call the IRS and ask.
NO earned income credit is not safe from garnishment. It is the same as taking money out of your paycheck, if you owe, they remove funds from your account.
The earned income credit (EIC) is a tax credit for certain people who work and have earned income under $48,279. A tax credit usually means more money in your pocket. It reduces the amount of tax you owe. The EIC may also give you a refund.Go to the IRS gov website and use the search box for Publication 596 (2009), Earned Income Credit (EIC)
If you are asking about a Federal Income Tax return---Yes, you can receive a larger refund than what you paid in. If your income is low and you have children, you may be eligible for Earned Income Credit and Child Tax Credit, along with several others. These will sometimes enlarge your refund to more than you paid.
Self-employment income does qualify as earned income for the credit. If you have children, the EIC is often more than the self-employent tax you owe. This year, it can also qualify you for the Stimulus money.
I work for a branch of the Inland Revenue tree and I asked around and the general concensus is that you must only pay tax if you have income. But, if you have no income you end up having to pay a special none-income tax which is actually more than if you were receiving income. Hope this helps! Jane x
Income
Money earned from employment or self-employment
Much less making less money. About 50% of the people in the United States pay no income tax at all, and a large percentage of them actually get money back in the form of a earned income credit.
Income or profit
Income Tax is a tax based on the amount of money earned.