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Revision as of 02:51, 30 August 2024
Families that are considered pertaining to being poor or low income are given assistance through earned income credit, or EIC. The EIC can be a tax credit that helps such families with low earnings acquire a better standard of living. An EIC can translate in tax refund of about $400 and $4,500. How to handle it will let you know that you can figure out if you are eligible for the EIC.
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What we are all aware as your 'income' tax has a collection tax brackets each using its own tax rate from 10% to 35% (2009). These rates are used in your taxable income which is income more than your 'tax free' returns.
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In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% tax bracket and accelerating some within the changes passed in the 2001 EGTRRA.