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LSDefine

Simple English definitions for legal terms

earned income

Read a random definition: open-fields doctrine

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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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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