Relier Pairs Final Group Assignment- WolverineVersion en ligne Public Finance. EITC and Medicare par todd kimball 1 How is Medicare funded? 2 Medicare is available for... 3 What was the purpose of the Tax Reduction Act of 1975? 4 Requirements to receive Earned Income Tax Credit 5 Part A 6 Peak 7 Income Effect 8 Substitution effect 9 Phase-in 10 Phase-out 11 How was the EITC considered both an anti-poverty program as well as an alternative to welfare? 12 Part B 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 (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. 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. By providing incentives to work. Process by which EITC is applied Point a which EITC has an income effect causing workers to work fewer hours. the credit may make working more valuable than not working Workers that are in this stage will work less hours because the value of the credit decreases for every extra hour worked. Workers may reduce hours because the credit allows them to meet their needs with less hours of work (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. to be a temporary refundable tax credit for lower- income workers to offset the social security payroll tax
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