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earned income |
Also found in: Dictionary/thesaurus, Financial, Encyclopedia, Wikipedia, Hutchinson | 0.03 sec. |
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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 also: earnings How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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income taxation to 300/0 of the annual earned income exclusion amount (as indexed for inflation); for 2006, that amount is $82,400. citizens or residents living abroad have been allowed to exclude certain foreign earned income and housing costs from taxable income, regardless of whether any foreign tax is paid on these amounts, under IRC section 911. Under the old law, for 2004, the child credit was refundable to the extent of 10 percent of the taxpayer's taxable earned income (which is taken into account in determining taxable income) in excess of $10,750 (indexed for inflation). |
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