Instructions For Resident Income Tax Return (Maryland Form 502) Page 11

ADVERTISEMENT

than $100,000.
3. Subtract line 2 from line 1. If less than
zero (0), enter zero (0) . . . . . . . . . . . . . . . . . 3. ___________
The 2016 Maryland tax rate schedules are shown so you can see
the tax rate that applies to all levels of income; however, do not
If line 3 is greater than zero (0), you may qualify for the Poverty
use them to figure your tax. Instead, use the tax tables if your
Level Credit. See instructions below.
income is under $100,000; otherwise, use the appropriate row
If line 3 is zero (0), you may qualify for the Refundable Earned
in the MARYLAND TAX COMPUTATION WORKSHEET SCHEDULES
Income Credit. See Instruction 21.
(17A) at the end of the tax tables to figure your tax. The tax
tables and the MARYLAND TAX COMPUTATION WORKSHEET
Line 23 of Form 502. STATE POVERTY LEVEL CREDIT. If
SCHEDULES I AND II have been based on these tax rate
your earned income and federal adjusted gross income plus
schedules.
additions are below the poverty level income for the number of
Find the income range in the tax table that applies to the amount
exemptions on your federal tax return, you may be eligible for
on line 20 of Form 502. Find the Maryland tax corresponding to
the poverty level credit. You are not eligible for this credit if you
your income range. Enter the tax amount on line 21 of Form 502.
checked filing status 6 (dependent taxpayer) on your Maryland
If your taxable income is $100,000 or more, use the MARYLAND
income tax return.
TAX COMPUTATION WORKSHEET (17A) at the end of the tax
Generally, if your Maryland state tax exceeds 50% of your
table.
federal earned income credit and your earned income and federal
adjusted gross income are below the poverty income guidelines
MARYLAND TAX COMPUTATION WORKSHEET SCHEDULES
from the STATE POVERTY LEVEL CREDIT WORKSHEET (18B),
you may claim a credit of 5% of your earned income.
Tax Rate Schedule I
Complete the STATE POVERTY LEVEL CREDIT WORKSHEET
For taxpayers filing as Single, Married Filing Separately, or
(18B) to calculate the amount to enter on line 23 of Form 502.
as Dependent Taxpayers. This rate is also used for taxpay-
This is not a refundable credit.
ers filing as Fiduciaries.
If taxable net income is:
Maryland Tax is:
STATE POVERTY LEVEL CREDIT WORKSHEET (18B)
At least:
but not over:
$0
$1,000
2.00%
of taxable net income
If you checked filing status 6 on your Maryland return, you are not
$1,000
$2,000
$20.00
plus
3.00%
of excess over $1,000
eligible for this credit.
$2,000
$3,000
$50.00
plus
4.00%
of excess over $2,000
$3,000
$100,000
$90.00
plus
4.75%
of excess over $3,000
1. Enter the amount from line 7 of Form 502.
$100,000
$125,000
$4,697.50
plus
5.00%
of excess over $100,000
If you checked filing status 3 (married
$125,000
$150,000
$5,947.50
plus
5.25%
of excess over $125,000
$150,000
$250,000
$7,260.00
plus
5.50%
of excess over $150,000
filing separately) and you filed a joint
$250,000
$12,760.00
plus
5.75%
of excess over $250,000
federal return enter your joint federal
Tax Rate Schedule II
adjusted gross income plus any Maryland
additions . . . . . . . . . . . . . . . . . . . . . . . . . . 1. ___________
For taxpayers filing Joint, Head of Household, or for
2. Enter the total of your salary, wages, tips and
Qualifying Widows/Widowers.
other employee compensation and net profit from
If taxable net income is:
Maryland Tax is:
self-employment here, and on line 1b of Form
At least:
but not over:
502, if line 1b is currently blank. (Do not
$0
$1,000
2.00%
of taxable net income
include a farm or business loss.) . . . . . . . . . . 2. ___________
$1,000
$2,000
$20.00
plus
3.00%
of excess over $1,000
$2,000
$3,000
$50.00
plus
4.00%
of excess over $2,000
3. Find the number of exemptions in the chart
$3,000
$150,000
$90.00
plus
4.75%
of excess over $3,000
$150,000
$175,000
$7,072.50
plus
5.00%
of excess over $150,000
that is the same as the number of
$175,000
$225,000
$8,322.50
plus
5.25%
of excess over $175,000
exemptions entered on your federal tax
$225,000
$300,000 $10,947.50
plus
5.50%
of excess over $225,000
return. Enter the income level that
$300,000
$15,072.50
plus
5.75%
of excess over $300,000
corresponds to the exemption number . . . . . 3. ___________
18
4. Enter the amount from line 1 or 2,
EARNED INCOME CREDIT, POVERTY LEVEL
whichever is larger. Compare lines 3 and 4.
CREDIT, CREDITS FOR INDIVIDUALS AND
If line 4 is greater than or equal to line 3,
BUSINESS TAX CREDITS.
STOP HERE. You do not qualify for this
credit. If line 3 is greater than line 4,
If you claim earned income credit or poverty level credit,
continue to line 5 . . . . . . . . . . . . . . . . . . . . . 4. ___________
see Instruction 19 for your local credit calculation.
5. Multiply line 2 by 5% (.05). This is your
Form 500CR Instructions are available online at www.
State Poverty Level Credit. Enter that
. You must file Form 500CR electronically
amount here and on line 23 of Form 502.
to claim a business income tax credit.
(Part-year residents or members of the
Line 22 of Form 502.
military, see Instruction 26(o)) . . . . . . . . . . . 5. ___________
EARNED INCOME CREDIT.
If you claimed an earned income credit on your federal return,
POVERTY INCOME GUIDELINES
then you may claim one-half (50%) of the federal credit on your
Maryland return. If you are a part-year resident or a member
NUMBER OF EXEMPTIONS
of the military, see Instruction 26(o) before completing this
ON FEDERAL RETURN
INCOME LEVEL
worksheet. If you filed a joint federal return but a separate
1
11,880
Maryland return, you may claim a combined total of up to one-
2
16,020
half the federal credit. Complete the STATE EARNED INCOME
3
20,160
CREDIT WORKSHEET (18A) to calculate the amount to enter on
4
24,300
line 22 of Form 502.
5
28,440
6
32,580
STATE EARNED INCOME CREDIT WORKSHEET (18A)
7
36,730
(Part-year residents see Instruction 26(o).)
8
40,890
1. Maryland tax (from line 21 of Form 502) . . . . 1. ___________
If you have more than 8 exemptions, add $4,160 to the last income
level for each additional exemption.
2. Federal earned income credit ______ x 50%
(.50). Enter this amount here and on line 22
of Form 502 . . . . . . . . . . . . . . . . . . . . . . . . 2. ___________
11

ADVERTISEMENT

00 votes

Related Articles

Top 20 Happy Easter Cards And Gift Tags To Download For Free
Top Ten Easter Arts And Crafts Activities For Your Kids
Free Easter Coloring Pages And Easter Printables For Your Kids

Related forms

Instructions For Maryland Resident Income Tax Returns Forms 502 And 123 - 1998 Instructions For Maryland Resident Income Tax Returns Forms 502 And 123 - 1998 Financial
Instructions For Maryland Resident Income Tax Returns Forms 502 And 503 - 2002 Instructions For Maryland Resident Income Tax Returns Forms 502 And 503 - 2002 Financial
Instructions For Partnership Income Tax Return Arizona Form 165 1998 Instructions For Partnership Income Tax Return Arizona Form 165 1998 Financial
Instructions For Walbridge Income Tax Returns 2003 Return Instructions For Walbridge Income Tax Returns 2003 Return Financial
Instructions For Individual Income Tax Return And Declaration Form Ohio Instructions For Individual Income Tax Return And Declaration Form Ohio Financial
Instructions For City Income Tax Return Form Instructions For City Income Tax Return Form Financial
Instructions For Partnership Income Tax Return Form Gr 1065 2001 Instructions For Partnership Income Tax Return Form Gr 1065 2001 Financial
Instructions For Individual Income Tax Return Form Fr-127 Instructions For Individual Income Tax Return Form Fr-127 Financial
Form D-403a - Instructions For Partnership Income Tax Return - 2013 Form D-403a - Instructions For Partnership Income Tax Return - 2013 Financial
Instructions For Partnership Income Tax Return (form D-403a) - 2014 Instructions For Partnership Income Tax Return (form D-403a) - 2014 Financial

Related Categories

Parent category: Financial
Download
Go
Page of 28