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calendar   Monday - April 12, 2010

Last Second Tax Tips

The Obama Low To Middle Class Tax Credit Can Save You $400 - $800

Don’t Forget Schedule M




New for 2009, Schedule M is a tax credit for the low and middle class. If you have an adjusted gross income between $6,451 and $75,000, it will give you a $400 tax credit. If you earn between $75,000.01 and $95,000 it will give you a pro-rated credit.

There is no “marriage penalty” on Schedule M; taxpayers married filing jointly can double these amounts: if your combined adjusted gross is between $12,903 and $150,000 you get an $800 credit, and if together you earn more than $150,000 and up to $300,000 you get a pro-rated credit.

The nice thing is that Schedule M gives you a direct credit. Cash money baby, as if you had paid this much more taxes the whole time. This means it can increase your refund if you are eligible for one.

An income of $6451 is what you would earn working part-time at minimum wage for 17.5 hours a week.




Hmmm ... thinking. Ignoring all the various credits, etc., a childless single person with a full-time minimum wage ($7.15/hr) job earns $14,872 per year. Given the standard deduction of $5700 and standard exemption of $3500, her taxable income is only $5672, and the tax table amount on that is $568. Even with the $400 Schedule M credit, they still have a net tax liability of $168. So they are contributing to the system, albeit minimally.

It takes a bottom line taxable income amount of under $4000 to get off with less than $400 in tax liability, which would be covered by the Schedule M credit. That means ... $4000 + $3650 + $5700 = $13, 350 adjusted gross income. Which is 36 hours per week at minimum wage, or 26 hours per week at $10/hour. Which is a basic part-time job.

This kind of musing makes me wonder just who we’re talking about when we hear that 47% of the population isn’t paying any federal taxes at all. 


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Posted by Drew458   United States  on 04/12/2010 at 02:17 PM   
Filed Under: • Taxes •  
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