By Thalia Sevilla
According to the Press Release issued by the Secretary of the Department of the Treasury, Francisco Parés Alicea, taxpayers may claim a Credit for Work on their 2021 Income Tax Return between $1,500 and $6,500. He also explained that to calculate the benefit, the gross income earned, personal status and the number of dependent children will be taken into account.
According to the Secretary of the Department of Treasury, to qualify, they must be residents of Puerto Rico, both single and married, and who, on the last day of the taxable year, be 19 years of age or older. Children who are considered dependents of the taxpayer or their spouse are 18 years old or less and in the case of students up to 25 years.
They also qualify as independent contractors. To be validated, the citizen must have a Merchant Registration Certificate valid for the year 2021 and the income must be subject to the Social Security contribution.
The Credit for Work is computed in accordance with various requirements indicated by the Department of the Treasury. You can also do the calculation by accessing the La Fortaleza page, where a calculator is already available to indicate your total credit. Credit is an automatic calculation in Taxmania. If the Credit does not appear, it is because it does not apply to you.
According to the Press Release, the following income and status regions will be taken into account to calculate the Credit for Work:
Taxpayers who do not have dependents
The credit will be up to a maximum of $ 1,500.
The salary during the taxable year must be more than $ 16,000 and must not exceed $ 26,000. For married couples, the sum of income must be greater than $ 18,000 up to $ 28,000.
Taxpayers with one (1) dependent
The credit will be up to a maximum of $ 3,500.
The salary during the taxable year must be more than $ 18,000 and must not exceed $ 31,000. For married people, the sum of income must be greater than $ 22,000 up to $ 35,500.
Taxpayers with two (2) dependents
The credit will be up to a maximum of $ 5,500.
The salary during the taxable year must be more than $ 21,000 and must not exceed $ 37,000. For married couples, the sum of income must be more than $ 25,000 up to $ 41,000.
Taxpayers with three (3) or more dependents
The credit will be up to a maximum of $ 6,500.
The salary during the taxable year must be more than $ 21,000 and must not exceed $ 40,000. For married couples, the sum of income must be more than $ 25,000 up to $ 44,000.
Married people who file their return separately and those who have claimed the senior credit or the credit for low-income pensioners, DO NOT qualify for the credit.
Self-employed taxpayers qualify if they have a Merchant's Registration.
For more information, you can access it here.
If you are ready to claim your credit or fill out the form now, file it easily, quickly, and safely at taxmania.com.