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:
“When I wrote the following pages, or rather the bulk of them, I lived alone, in the woods, a mile from any neighbor, in a house which I had built myself, on the shore of Walden Pond, in Concord, Massachusetts, and earned my living by the labor of my hands only. I lived there two years and two months. At present I am a sojourner in civilized life again.”
—Henry David Thoreau (1817–1862)
“You boast of spending a tenth part of your income in charity; maybe you should spend the nine tenths so, and done with it.”
—Henry David Thoreau (1817–1862)
“People buy their necessities in shops and have to pay dearly for them because they have to assist in paying for what is also on sale there but only rarely finds purchasers: the luxury and amusement goods. So it is that luxury continually imposes a tax on the simple people who have to do without it.”
—Friedrich Nietzsche (1844–1900)
“In a secular age, an authentic miracle must purport to be a hoax, in order to gain credit in the world.”
—Angela Carter (1940–1992)