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Certain employees may be eligible to receive additional money in their paycheck each week by taking advantage of the government's Earned Income Credit (EIC). The EIC is a credit available to individuals with a low earned income, reducing the taxes owed and perhaps providing a refund.
To qualify, employees must have at least one qualifying child, expect that their earned income and adjusted gross income will each be less than $31,030 (33,030 or less if filing a joint return) and expect to claim EIC in 2005.
Employees who believe they qualify for this credit must complete a Form W-5. Forms and additional information are available in Human Resources or can be accessed on line at www.irs.gov. Completed forms should be forwarded to Human Resources, 10 Brookline Place, 3rd floor. A new Form W-5 must be filed each year with the payroll office. For tax related questions, speak with your tax consultant.