Matching Pairs Final Group Assignment- WolverineOnline version Public Finance. EITC and Medicare by todd kimball 1 Substitution effect 2 Medicare is available for... 3 Income Effect 4 What was the purpose of the Tax Reduction Act of 1975? 5 Part B 6 How is Medicare funded? 7 Requirements to receive Earned Income Tax Credit 8 How was the EITC considered both an anti-poverty program as well as an alternative to welfare? 9 Phase-in 10 Part A 11 Peak 12 Phase-out the credit may make working more valuable than not working people 65 or older, younger people with disabilities and people with End Stage Renal Disease(permanent kidney failure requiring dialysis or transplant) to be a temporary refundable tax credit for lower- income workers to offset the social security payroll tax Process by which EITC is applied By providing incentives to work. Point a which EITC has an income effect causing workers to work fewer hours. (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. Workers that are in this stage will work less hours because the value of the credit decreases for every extra hour worked. (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. 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. 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 Workers may reduce hours because the credit allows them to meet their needs with less hours of work
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