Relacionar Columnas Final Group Assignment- WolverineVersión en línea Public Finance. EITC and Medicare por todd kimball 1 Substitution effect 2 What was the purpose of the Tax Reduction Act of 1975? 3 Phase-out 4 Peak 5 Phase-in 6 Requirements to receive Earned Income Tax Credit 7 Income Effect 8 How was the EITC considered both an anti-poverty program as well as an alternative to welfare? 9 Medicare is available for... 10 Part A 11 Part B 12 How is Medicare funded? Workers may reduce hours because the credit allows them to meet their needs with less hours of work Process by which EITC is applied people 65 or older, younger people with disabilities and people with End Stage Renal Disease(permanent kidney failure requiring dialysis or transplant) By payroll taxes paid by most employees, employers, and people who are self-employed. Other sources include, Income taxes paid on Social Security benefits, interest earned on the trust fund investments. (medical insurance) is part of Original Medicare and covers services and supplies that are medically necessary to treat your health condition. This can include outpatient care, preventive services, ambulance services, and durable medical equipment. 1.) Have earned income; 2.) Be a U.S. citizen or resident alien for the entire tax year; 3.) Have a valid Social Security number Point a which EITC has an income effect causing workers to work fewer hours. to be a temporary refundable tax credit for lower- income workers to offset the social security payroll tax Workers that are in this stage will work less hours because the value of the credit decreases for every extra hour worked. the credit may make working more valuable than not working (also called Original Medicare) is managed by Medicare and provides Medicare benefits and coverage for: Inpatient hospital care. Inpatient stays in most skilled nursing facilities. By providing incentives to work.
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