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LSDefine

Simple English definitions for legal terms

earned income

Read a random definition: proprietary government

A quick definition of earned income:

Term: Earned Income

Definition: Earned income is money that someone earns by doing a job or providing a service. This includes things like wages, salaries, tips, and commissions. It can also include money earned from working for oneself, like from a small business. Sometimes, people who earn low incomes can get a special tax credit from the government to help them pay less in taxes. This is called the earned income tax credit.

A more thorough explanation:

Earned Income refers to the money a person receives in exchange for their work. This includes wages, salaries, bonuses, commissions, tips, and other forms of compensation.

According to the Internal Revenue Code, earned income includes:

  • Wages and salaries
  • Tips
  • Other employee compensation
  • Net earnings from self-employment

For example, if you work at a restaurant and receive a salary, tips, and a bonus, all of these would be considered earned income.

Additionally, some payments related to retirement compensation or long-term disability benefits may also be considered earned income.

People with low income who meet certain requirements may be eligible for a federal earned income tax credit. This credit can reduce their tax bill and may even result in a refund of previously paid taxes.

Overall, earned income is the money a person earns through their work, and it can come in many different forms.

EA | earned surplus

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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