What is the EIC Tax Table Chart for 2012, 2013?
The earned income credit, or EITC, is a tax credit that must be earned from employment, self-employment, or another source of work, including wages, tips, and union benefits.
However, it must meet certain rules and regulations, and there are even more additional rules for workers without a qualifying child, or those who may have a child in your household that meets the child rules.
The earned income tax tables are charts that can help you estimate how much earned income you are due for as a tax credit relative to the number of children you have and the allowable maximum federal EIC and allowable maximum state EIC.
For example, in many states, the statewide maximum allowable EIC hovers around $450 for one qualifying child, $750 for two qualifying children, and $850 for three children.
Federal earned income credits are more transparent, offering very little tax credit for families with no children, and $3,094 for families with one child, $5,112 for families with two children, and $5,751 for families with three children (as of 2011).
Obviously, to ensure that you realize and can figure out your tax burden, consult an accountant or visit TurboTax for free advice.
Related post: What is the EIC Tax Table Chart for 2012, 2013?