Earned Income


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Related to Earned Income: unearned income, Earned income credit, Earned income tax credit

Earned Income

Sources of money derived from the labor, professional service, or entrepreneurship of an individual taxpayer as opposed to funds generated by investments, dividends, and interest.

Wages, salaries, and fees are types of earned income that, if below a statutorily determined amount, entitle a taxpayer to a reduction of Income Tax liability.

See: earnings
References in periodicals archive ?
911-3(d)(2), B qualifies for an earned income exclusion of the lesser of (1) foreign earned income (6) or (2) $40,860.
The WFTRA defines a new uniform standard for determining who is a "qualified child" for purposes of head-of-household filing status, the child care credit, the dependency exemption and the earned income credit.
EITC is a tax credit for eligible taxpayers who work and have earned income below certain set amounts.
The maximum yearly contribution is higher: About $22,500 or approximately 15 percent of earned income, whichever is less.
Based on historical data, the survey's analytical section examines long-term trends in price convergence in Europe and differing values attached to earned income versus leisure time, among other topics.
Statutory definitions of earned income can be found in IRC sections 32 and 911.
Properly report earned-income and prevent overstatement of quarterly and annual earnings * Strip inefficiencies from trading partner transactions, which significantly reduces the invoice-to-payment processing of earned income data * Gain insight into earned-income potential, yielding more accurate projections of revenue * See customers in new ways, to help increase revenues and profits with information stored in existing databases * Analyze historical information and trends * Provide trading partners insight into personalized earned-income data * Achieve a streamlined, automated reconciliation process
Therefore, his uncle did not have a qualifying child and the IRS disallowed the earned income credit.
For example, more than 246,000 families in the Dallas area received earned income tax credits averaging about $1,658 per family, according to 1998 IRS ZIP code files.
The TIPRA makes three changes to the $80,000 foreign earned income exclusion and housing allowance (i.
Tardy processing of offers in compromise ranked second, and 7 of the top 23 difficulties involved the earned income credit.
13 /PRNewswire/ -- "A Federal Earned Income Tax Credit of up to $3,110, available to qualifying individuals and households, could be a big help to some of our customers who have a limited amount of disposable income," according to Sadie John Kroeck, Manager, Customer Programs at The Peoples Natural Gas Company.