Schedule M Explained by Florida Tax Attorney in 33606


If you do not know what Schedule M is, I don’t blame you. It came about due to one of President Obama’s new initiatives enforced over a year ago called the Making Work Pay credit. This tax credit was part of the economic stimulus package aimed at reviving the economy by putting more spending money back into the pockets of taxpayers. The Making Work Pay credit plan reduces the amount of withholding tax employers make to their employees’ paychecks each month and thereby increasing the amount of take home pay. The extra amount each employee takes home may vary from a maximum of $400 for singles and $800 for married couples who file jointly to a mere $10 per month, and hence a new form called Schedule M is now used.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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