What is the meaning of earned income credit for taxes?

Answer The federal government introduced the Earned Income Tax Credit (EITC) during the mid-1970s. Since then, it has become one of the most popular pieces of tax code and essential for many low-income fa... Read More »

Top Q&A For: What is the meaning of earned income credit for...

Is there a minimum income to file for earned income credit?

There are no minimum income level requirements to file for the earned income credit. According to the Internal Revenue Service (IRS), several rules are in place regarding earned income tax credit e... Read More »

Income Requirements for Claiming the Earned Income Tax Credit?

The Earned Income Tax Credit (EITC) is a federal income tax credit for low- to moderate-income individuals or families. The size of the credit is governed by the amount of income and the number of ... Read More »

Does sick pay qualify as income for the earned income credit?

Sick pay does fall under earned income. The Internal Revenue Service allows two ways to make earned income: either someone you work for pays you or you work in your own business, so sick pay would ... Read More »

What is earned income for taxes?

Earned income is generally money you work for, rather than money derived from other sources, such as interest. The Internal Revenue Service (IRS) taxes most earned income, and provides an "earned i... Read More »