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What is Philadelphia Credit?

April 26, 2017credit Philadelphia

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What is Philadelphia Credit?

2 Answers

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Tax paid to the City of Philadelphia, as shown on the W-2 form or as reported to the City of Philadelphia, may be deducted from your local tax liability. The Philadelphia credit may not exceed your local tax liability. If you also paid taxes to another state, the lesser of the two amounts (Philadelphia tax or out of state tax) will be used to compute the local tax credit.

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Posted

Tax paid to the City of Philadelphia, as shown on the W-2 form or as reported to the City of Philadelphia, may be deducted from your local tax liability. The Philadelphia credit may not exceed your local tax liability on the wages earned in Philadelphia. If you also paid taxes to another state, the lesser of the two amounts (Philadelphia tax or out of state tax) will be used to compute the local tax credit.