Earned income credit

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Earned income credit

A tax credit for taxpayers with children.

Earned Income Tax Credit

Also called the EITC. A dollar-for-dollar reduction in the tax liability for lower and middle income persons in the United States. The credit is applied against taxes owed on wages, salaries, tips and other forms of earned income. Investment income is excluded and one may not have more than a certain amount of investment income to be eligible for the credit. Households with children may receive larger credits. The EITC is refundable, meaning if the credit causes one's tax liability to go below zero, one receives the difference from the IRS.

Earned income credit (EIC).

The earned income tax credit (EIC) reduces the income tax that certain low-income taxpayers would otherwise owe. It's a refundable credit, so if the tax that's due is less than the amount of the credit, the difference is paid to the taxpayer as a refund.

To qualify for the EIC, a taxpayer must work, earn less than the government's ceiling for his or her filing status and family situation, meet a set of specific conditions, and file the required IRS schedules and forms.

Earned Income Credit

A refundable tax credit for qualified taxpayers based on earned income, adjusted gross income, and the number of qualifying children. See our Earned Income Tax Credit rate table for the current income limits.
References in periodicals archive ?
For purposes of EIC, statutory employees are treated as employees, and the gross amount received from employment (not net amount) is considered earned income (Schedule C, Line 1).
For example, I did not realize that only one-fourth of the EIC recipients are poor, or that a majority of the recipients are in single-parent households.
When compared to other products EIC evaluated, Dynamics AX demonstrated its superiority because of its flexible, robust and powerful platform yet it had an easy-to-use interface.
Afra is one of the 70 students, from 35 nationalities, currently enrolled at EIC and the only Emirati in her batch.
EIC is the market leader in the narrow-web segment in the US, serving the packaging and label manufacturing industries with water-based and energy curable inks and coatings.
Roger Merchant and Konrad Rutkowski of PKF carried out the due diligence for EIC on behalf of Barclays.
It says if an individual, such as the mother, is a qualifying child of another taxpayer (the grandmother, in this example), then she is not treated as an eligible individual for EIC purposes.
Dazzled by the company's sales pitch, Silver flew down to the Antelope Valley to tour the desert with EIC representatives.
Having a DHS/EIC Agreement provides significant credibility to the commitment private industry continues to make in the development of commercially sustainable interoperable solutions built to Federal standards," commented David Lamensdorf, EIC Chairman and CEO of Los Angeles based Safe Environment Engineering, a manufacturer and developer of Hazmat and first response solutions.
Awarded by Pettifer Construction - the main main contractor of St George's Tower in Leicester city centre - the deal will see EIC carrying out mechanical and electrical installation work.
According to EIC President Ed Redman, "there will be no change in customer products for the foreseeable future.
To optimize service and delivery, Arcar customers will benefit from the existing EIC branch distribution network.