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payroll:tables:taxdeductions:earnedincomecredit [2020/03/31 21:03] – created emorenopayroll:tables:taxdeductions:earnedincomecredit [2020/08/05 21:48] (current) – emoreno
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 <div #message></div> <div #message></div>
  
-//**Human Resources > Tables > Tax/Deductions > Earned Income Credit**//+//**Payroll > Tables > Tax/Deductions > Earned Income Credit**//
  
 <WRAP round intro>The EIC is a tax credit for certain workers who have a qualifying child who lives with them in the United States. The tax credit is based upon a percentage of their earned income. Eligible employees must sign a W-5 form each January to receive advance payments. <WRAP round intro>The EIC is a tax credit for certain workers who have a qualifying child who lives with them in the United States. The tax credit is based upon a percentage of their earned income. Eligible employees must sign a W-5 form each January to receive advance payments.
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 These tables must be updated in accordance with IRS Circular E (go to www.irs.gov/pubs to obtain a copy of this publication). It is your responsibility to keep these tables up to date. You only need to update the tables that affect your payroll. For example, if you do not have any semimonthly employees, it is not necessary for you to complete the single and married tables for a semimonthly payroll. Each of the nine EIC tables consists of the same fields. The values for each of these fields come directly from the corresponding position on the table contained in IRS Circular E. These tables must be updated in accordance with IRS Circular E (go to www.irs.gov/pubs to obtain a copy of this publication). It is your responsibility to keep these tables up to date. You only need to update the tables that affect your payroll. For example, if you do not have any semimonthly employees, it is not necessary for you to complete the single and married tables for a semimonthly payroll. Each of the nine EIC tables consists of the same fields. The values for each of these fields come directly from the corresponding position on the table contained in IRS Circular E.
  
-**Note**:  Due to a change in the law, you can no longer get advance payments of the credit in your pay during the year as you could in 2010 and earlier years. However, if you are eligible, you are able to claim the credit on your return. For more information, go to: http://www.irs.gov/publications/p596/ar01.html#en_US_2010_publink1000167170.+**Note**:  Due to a change in the law, you can no longer get advance payments of the credit in your pay during the year as you could in 2010 and earlier years. However, if you are eligible, you are able to claim the credit on your return. For more information, go to http://www.irs.gov/publications/p596/ar01.html#en_US_2010_publink1000167170.
  
 </WRAP> </WRAP>
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 ^But Not Over|Type the highest wage limit used in the calculation.| ^But Not Over|Type the highest wage limit used in the calculation.|
  
-In the **less % of wages** field, type the percent of wages in excess of the value in the **But Not Over** field.+In the **less % of wages** field, type the percentage of wages in excess of the value in the **But Not Over** field.
  
  
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 ====Other functions and features:==== ====Other functions and features:====
  
-^Retrieve |++Retrieve data.|{{page>general:retrieve}}++| +^Retrieve |{{page>general:retrieve}}| 
-^Delete|++Delete tax tables.|{{page>general:deletetaxtables}}++| +^Delete|{{page>general:deletetaxtables}}| 
-^Print|++Print the tax table data.|{{page>general:print_tax_tables}}++|+^Print|{{page>general:print_tax_tables}}|
  
  
payroll/tables/taxdeductions/earnedincomecredit.1585688627.txt.gz · Last modified: 2020/03/31 16:03 (external edit)

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