Earned Income Tax Credit (US)
The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- and medium-income individuals and couples, primarily for those who have qualifying children. When the credit exceeds the amount of taxes owed, it results in a tax refund to those who qualify and claim the credit. That is, this credit is refundable. This tax credit is provided, in part, to offset the burden of social security taxes and to maintain an incentive to work.
Read more about Earned Income Tax Credit (US): Overview, Earned Income, Qualifying Children, Other Requirements, 2 Year Disallowance For 'reckless' EIC Claim, 10 Year Disallowance For Fraudulent Claim, EIC Table, 2010, Impact, Cost, Uncollected Tax Credits, Storefront "RALs" (Refund Anticipation Loans)
Famous quotes containing the words earned, income, tax and/or credit:
“I have not earned what I have already enjoyed.”
—Henry David Thoreau (1817–1862)
“I know everybody’s income and what everybody earns,
And I carefully compare it with the income-tax returns;”
—Sir William Schwenck Gilbert (1836–1911)
“What is the difference between a taxidermist and a tax collector? The taxidermist takes only your skin.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“If you love those who love you, what credit is that to you? For even sinners love those who love them.”
—Bible: New Testament, Luke 6:32.