Instructions For Maryland Income Tax Return Form 515

COStS.

comolete

CREDlT WoRKSHEET

$57,473.32

$ 1,471.3169

1,471.32

e. Long-Term Care Insurance Credit. If you

and instructions are available from any

For additional information regarding

paid a premium for a long-term care

office of the Comptroller.

the above income tax credits, see the

insurance policy for yourself or certain

instructions provided for Form 5OOCR-

BUSINESS TAX CREDITS

family members, you may be eligible for a

Business Tax Credits. Form 500CR is

a. Business tax credits (as calculated on

tax credit.

available from any office of the Comp

Form 500CR) are as follows: Enterprise

f. Credit for Preservation and Conservation

troller.

Zone Tax Credit, Employment Opportuni-

Easements. if you donated an easement

REFUNDABLEEARNED

ty Tax Credit, Maryland Disability Employ-

to the Maryland Environmental Trust or

INCOME CREDIT

ment Tax Credit, Job Creation Tax Credit,

the Maryland Agricultural Land Preserva-

Neighborhood Partnership Program Tax

If one-half of your prorated federal earned

tion Foundation to preserve open space,

Credit, Businesses That Create New

income credit is greater than your Maryland

natural resources, agriculture, forest land,

Jobs Tax Credit, Water Quality Improve-

tax and you have one or more dependents

watersheds,

significant ecosystems,

ment Credit, Employer Provided Long-

that you may claim as an exemption on your

viewsheds, or historic properties, you

term

Care

Insurance

Credit,

Work-based

federal income tax return, you may also be

may be eligible for a credit.

Learning

Program

Credit,

One

Maryland

eligible for a refundable earned income

g. Clean Energy Incentive Credit. If you pur-

Economic Development Tax Credit, Com-

credit. This credit is the amount by which

chased photovoltaic or solar water heat-

muter Tax Credit, Maryland Research

16% of your federal earned income credit

ing property during the tax year, you may

and Development Tax Credit, Maryland

multiplied by the Maryland income factor

be entitled to a credit for a portion of the

Clean Energy Incentive Act, Electric and

exceeds your Maryland tax liability. Com-

Gas Utility Credits, Credit for Maryland-

plete Part Ill of the worksheet and enter the

mined Coal, the Telecommunications

result on line 51 of Form 515.

For additional information regarding any

Property Tax Credit, and the Heritage

of the above personal income tax credits,

Area

Mortgage

Credit.

see the instructions for Form 502CR, Per-

sonal Income Tax Credits. Form 502CR

Local income tax and local credits.

Maryland counties and Baltimore City may levy an income tax which is a per-

centage of Maryland taxable income. Use the LOCAL TAX RATE CHART and the LOCAL TAX WORKSHEET to figure your

local income tax. Use the county (or Baltimore City) in which you were employed on the last day of the tax year and

which you showed in the box at the top of Form 515.

Local earned income credit. If vou calculat-

INCOME CREDIT WORKSHEET

the LOCAL POVERTY LEVEL

ed an earned income credit on line 34 of

Local poverty level credit. If you calculated

Form 515, complete the LOCAL EARNED

a poverty level credit on line 35 of Form 515,

Example for LOCAL TAX WORKSHEET

A married couple filing a joint return has taxable net income on line 32 of Form 515 in the amount of $57,473.32.

They work in

Baltimore Cii and have a local tax rate of .0251.

They will calculate their local tax as follows:

x .0256

before

rounding

rounded to the nearest cent

or rounded to the nearest whole dollar

1,471 .oo

Sample LOCAL TAX WORKSHEET

Multiply the taxabte net income by your local tax rate from the LOCAL TAX RATE CHART for the county in which you were employed on

the last day of the taxable period. Enter the result on line 40 of Form 515. This is your local income tax.

1. Taxable net income from line 32 of Form 515.

. . . . . . . . .

. : . . . . . . . . . . . . . . _ . . . . . . . . . . . . . . $57.473.32

0 2 5 6

2. LocaltaxratefromtheLocalTaxRateChart

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . .

3. Local income tax (Multiply line 1 by line 2.) Enter this amount on line 40 of Form 515

rounded to the nearest cent or whole dollar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ X. 4 71. 3 2

LOCAL TAX WORKSHEET

Multiply the taxable net income by your local tax rate from the LOCAL TAX RATE CHART for the county in which you

were employed on the last day of the taxable period. Enter the result on line 40 of Form 515. This is your local income

tax.

1. Taxable net income from line 32 of Form 515.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$

2. LocaltaxratefromtheLOCALTAXRATECHART.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .o---

3. Local income tax (Multiply line 1 by line 2.) Enter this amount on line 40 of Form 515

rounded to the nearest cent or whole dollar.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$

Instructions For Maryland Income Tax Return Form 515 - 2002 Page 6

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