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earned income

   Also found in: Dictionary/thesaurus, Legal, Wikipedia, Hutchinson 0.42 sec.
Earned Income
Income derived from active participation in a trade or business, including wages, salary, tips, commissions and bonuses. This is the opposite of unearned income.

Notes:
Basically, this is any income a person or company gets for which they have done the work or put through the effort to obtain. If your boss gives you an advance on your next check, this would be considered unearned income because you haven't yet done anything to earn it.

Earned income
Compensation earned from employment, which includes wages, salary, tips, and compensation.
earned income
Individual income, such as commissions, salaries, and bonuses, that is derived as compensation for personal services. Compare unearned income.
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? Mentioned in ? References in periodicals archive
 
income taxation to 300/0 of the annual earned income exclusion amount (as indexed for inflation); for 2006, that amount is $82,400.
Sec. 911 housing guidance likely to reduce some employers' costs by Abdalian, Michael / The Tax Adviser
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.
New rules for individuals working abroad: changes to income and ... by Laffie, Lesli S. / Journal of Accountancy
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).
2004 Working Families Tax Relief Act: selected highlights by Josephs, Stuart R. / California CPA
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