Minimum Wage for Families Act

Minimum Wage for Families Act - Amends the Internal Revenue Code to change the heading of the section allowing a tax credit popularly known as the "earned income tax credit" to read "Working Families Support Credit" (WFSC). (The current section heading reads "Earned income.")

Conditions eligibility for the WFSC on individuals: (1) including their social security numbers on their tax returns; and (2) having a qualifying child. Removes provisions defining a qualifying child as including a student under the age of 24. Includes in the definition of "disqualified income" income from passive activities.

Modifies how adjusted gross income is determined for the WFSC, including regarding certain: (1) child support payments; (2) non-taxable income; (3) income not included in gross income; (4) amounts relating to capital losses, trade or business losses, and estate and trust losses.

Changes phaseout percentages and other percentages and amounts used in the calculation of the WFSC.

Mandates monthly payment of the WFSC portion of any refund unless the WFSC is under $600.

Increases penalties on: (1) tax preparers for understatement of tax liability and other actions; and (2) any person who aids and abets an understatement.

Mandates reports to the Congress on: (1) ways to encourage WFSC recipients to obtain advance payments, reduce advance payment fraud, and reduce advance payment burdens on small businesses; and (2) the feasibility and effects of converting food stamps into cash payments and making those payments in the same payments as WFSC monthly payments.