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Tuesday, December 08, 2009 11:18 AM |
The Making Work Pay Credit was enacted to provide taxpayers with a $400 credit ($250 to retirees) during the 2009 tax year. To accomplish this, the Federal withholding tax tables were adjusted in February 2009 to reduce the federal taxes withheld and in turn, provide wage earners with a larger paycheck. However, certain individuals may have received excess benefit from the reduced tax tables, which will result in a tax liability with their 2009 income tax returns (or a reduced Federal tax refund). The impacted taxpayers may include:
- Taxpayers receiving a pension
- Taxpayers who are married and both spouses work
- Taxpayers who have more than one job and receive multiple W-2s
- Taxpayers who may be claimed as a dependent on another taxpayer’s income tax return
- Taxpayers who receive social security benefits and still earn taxable wages
Although the year-end is quickly approaching, there is still time to adjust Federal tax withholding's. If you have specific questions, contact our office at (631) 582-1600. |
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Last Updated on Wednesday, December 16, 2009 02:22 PM |
