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FAQ

How can I earn more credits on Quora?
Quora Credits no longer exist.Credits were a virtual currency system on Quora that were earned via things like answer upvotes, and spent on things like Ask to Answer.For more on the rationale, see Introducing New Ask to Answer by Abhinav Sharma on The Quora Blog.
How crucial to making ends meet is the earned-income tax credit for low income workers?
I would imagine if you polled EITC recipients, the answer would be it is highly critical and probably not even enough. And they would probably be correct. People receiving the EITC are not highly paid (which is why they qualify) yet are generally almost certainly working hard to make a better life for themselves and their families.Could they “survive” with less? Others do, but it would be hard.Having said that, I would imagine if you asked someone making $80–100,000 whether they have trouble making ends meet, a lot of them would say yes, particularly in larger cities. Of course, looking at their circumstance and lifestyles, they are almost certainly better off than those receiving the EITC but their spending habits have changed such that they cant’t fathom how they could survive on less (even though obviously others do). They might deem additional income or a raise of any sort as critical to making their ends meet.Same for the young couples living in San Francisco who barely scrape by with no money to save even though they might make $250,000-$300,000/year.The problem is that spending, lifestyles and expectations change no matter how much you make and if you do not manage that correctly you can end up barely scraping by to the next paycheck irrespective of where you are on the income spectrum.For what it is worth, I am more sympathetic to the argument of those receiving EITC on the subject of criticality.
How is the minimum income for earned income credit calculated?
If you go to irs.gov, you’ll get a clearer information than my general attorney information. The real answer is “it depends.”EIC, has a lot of rules, and the rules change from year to year.EIC as of 2021. these are the factors that IRS looked at (this list is not exhaustive) to calculate the minimum income: age of taxpayer, filing status, immigration status, total earned income in home, number of individuals living in the home, how long each individual lived in the home, student status of some of the individuals in the home, the familial relationship between the individuals, who provided more than 50% support for each individual.
Am I supposed to report income which is earned outside of the US? I have to fill the 1040NR form.
If you are a US citizen, resident(?), or company based within the US or its territories, you are required by the IRS to give them a part of whatever you made. I'm not going to go into specifics, but as they say, "the only difference between a tax man and a taxidermist is that the taxidermist leaves the skin" -Mark Twain
How does the Earned Income Tax Credit affect US Federal Income Tax Payments?
Earned Income Tax Credit or EITC is refundable and eligible for low and moderate income working people. It encourages and reward work, and refund people who work on low wages, just like an additional support from the federal government. Also, its eligibility keeps on fluctuating so it’s good to check the updates of EITC laws, along with the updated knowledge of WOTC or Work Opportunity Tax Credit. In some cases, you may also get your money back even if you didn’t have any income tax withheld from your pay.
How do Earned Income Tax Credit compare to an increase of the minimum wage?
The amount received from the EITC is based both on your income and your family situation. For 2021. the cutoffs for a single head of household are:No children: $14,880, maximum credit $506One child: $39,296, maximum credit $3,373Two children: $44,648, maximum credit $5,572Three or more children: $47,955, maximum credit $6,269The cutoffs for "married filing jointly" are about $5,500 more for all categories.Also, the amount one receives tapers off as you earn more, so that people will receive more by working more hours than not. In contrast, an increase of the minimum wage doesn't vary by family situation. Single people without children would benefit the most, since they get very little from the EITC.They are similar in that people working less than full-time will be better off working more hours than not. From the point of view of the employer, EITC is generally preferred, since it's not coming out of revenues the way an increase of the minimum wage is. However, employers who already pay more than the minimum wage are at an economic disadvantage compared to those that don't, but that disadvantage will be reduced or eliminated with an increase in the minimum wage. So it cuts both ways.
How can I get an earned income tax credit?
If you qualify. It will depend if you meet the requirements for Earned Income Credit on your tax return. You may find additional information at: Earned Income Tax Credit (EITC)You may be able to take the credit if: You have three or more qualifying children and you earned less than $47,955 ($53,505 if married filing jointly), You have two qualifying children and you earned less than $44,648 ($50,198 if married filing jointly), You have one qualifying child and you earned less than $39,296 ($44,846 if married filing jointly), or You don't have a qualifying child and you earned less than $14,880 ($20,430 if married filing jointly).Your adjusted gross income also must be less than the amount in the above list that applies to you. For details, see Rules 1 and 15. Delayed refund if claiming EIC. Due to changes in the law, the IRS cannot issue refunds before February 15, 2021. for returns that claim the EIC. This applies to the entire refund, not just the portion associated with the EIC. Investment income amount is more. The maximum amount of investment income you can have and still get the credit has increased to $3,400. See Rule 6.
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