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What the tax-rate bill means to you

10:26 AM, Dec 16, 2010   |    comments
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Social Security tax cuts:
Regardless of how much you make, you'll continue to see Social Security tax cuts in your paycheck. For example, if you make $50,000 a year, you'll take home $1,000 a year for the next two years. If the tax-rate bill is not passed, you would not get that $1,000 a year.

Unemployment benefits:
With national unemployment hovering around 9.8 percent, people struggling to find jobs will be able to apply for an unemployment extension. It would stretch some benefits out over the next 13 months.

College credit:
If you're in college or have kids in college, you could be eligible for a $2,500 "Opportunity Credit." It would be available for anyone making less than $90,000.

Income tax rates:
Federal income tax rates would stay at the same levels. There are six rates total: 10 percent, 15 percent, 25 percent, 28 percent, 33 percent and 35 percent.

Child tax credit:
An additional $500 would be available for the child tax credit. Under the Bush tax cuts, the credit was $500. This new bill would make it $1,000.

Investment tax rates:
Low investment tax rates would stay in tact over the next two years. It would be available to any taxpayer.

Marriage penalty relief:
The package would include an element to ensure the standard deduction for couples.

(KUSA-TV © 2010 Multimedia Holdings Corporation)

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