A relief from the Social Security tax for working, low-income individuals. Congress...
A tax credit available to low-income individuals who have earned income, such as wages, tips, and self-employment income. Certain low-income workers can file a tax return to get a tax refund for this credit, even if no income tax was withheld from the worker's pay. They can also apply to receive a portion of the credit in their paychecks throughout the year.
A refundable tax credit that supplements the earnings of low- and moderate-income workers. The EITC provides families incentive to work up to x income by refunding income tax credit, increasing the familyâ€(tm)s real income.
A refundable tax credit that is targeted to benefit low-income, working individuals and families. It has been described as the most effective anti-poverty program in America, helping more working families and more children move out of poverty than any other government assistance program.
Refer to EITC for definition. See Income - Treatment of Income; Income - Special Income Types; Resources
Reduces the amount of tax low-income workers owe (if any) and offsets some increases in living expenses and social security taxes associated with being part of the workforce. As of 1996, the EITC can provide as much as $3,500 to working families with incomes below $28,000.
This is a federal tax credit offered to working adults who fit within certain qualifying guidelines. It is generally designed to offer limited income workers tax relief to offset their contributions to Social Security.
a reduction in taxes provided to low income workers based on the amount of income they earn and the size of their family
a tax reduction and a wage supplement for low- and moderate-income working families
'urnd · 'in-kum · 'taks · 'kre-dit/ A feature of the federal, and many state, tax system that operates as a negative income tax for low-wage workers. For every dollar that these low-wage workers earn the federal government contributes 41 cents. The EITC is a refundable credit. Research shows that a locally operated EITC is more effective at reducing poverty than a living wage.
A federal income tax credit for low-income working individuals and families. Eligible taxpayers need to fill out a special EITC worksheet when filing taxes. The size of your tax credit depends on your income and number of family members. Like any credit, the EITC reduces the amount you owe the government. If the size of your credit is larger than your total tax bill, you'll get a refund.
The earned income credit (EITC) is a tax credit for people who work and have earned income below a certain amount. You must meet certain eligibility requirements to claim the credit. For taxpayers who do not have a qualifying child, you must be 25 or older to qualify for this credit.
A refundable federal income tax credit for low-income working individuals and families. For more information, click here .
A federal income tax credit for low income working individuals and families. The credit reduces the amount of federal income tax owed and can result in a refund check.
The United States federal Earned Income Tax Credit (EITC) is a refundable tax credit that reduces or eliminates the taxes that low-income working people pay (such as payroll taxes) and also frequently operates as a wage subsidy for low-income workers. Enacted in 1975, the then very small EITC was expanded in 1986, 1990, 1993, and 2001 with each major tax bill, regardless of whether the tax bill in general raised taxes (1990), lowered taxes (2001), or eliminated other deductions and credits (1986). Today, the EITC is one of the largest anti-poverty tools in the United States (despite the fact that income measures, including the poverty rate, generally do not account for the credit), and enjoys broad bipartisan support.
