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Law school is a lot like juggling. With chainsaws. While on a unicycle.
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Legal Definitions - earned income
If the law is on your side, pound the law. If the facts are on your side, pound the facts. If neither the law nor the facts are on your side, pound the table.
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Definition of earned income
Earned Income refers to the money a person receives in exchange for their work. This includes wages, salaries, bonuses, commissions, tips, and other forms of compensation.
According to the Internal Revenue Code, earned income includes:
- Wages and salaries
- Tips
- Other employee compensation
- Net earnings from self-employment
For example, if you work at a restaurant and receive a salary, tips, and a bonus, all of these would be considered earned income.
Additionally, some payments related to retirement compensation or long-term disability benefits may also be considered earned income.
People with low income who meet certain requirements may be eligible for a federal earned income tax credit. This credit can reduce their tax bill and may even result in a refund of previously paid taxes.
Overall, earned income is the money a person earns through their work, and it can come in many different forms.
You win some, you lose some, and some you just bill by the hour.
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Simple Definition
Term: Earned Income
Definition: Earned income is money that someone earns by doing a job or providing a service. This includes things like wages, salaries, tips, and commissions. It can also include money earned from working for oneself, like from a small business. Sometimes, people who earn low incomes can get a special tax credit from the government to help them pay less in taxes. This is called the earned income tax credit.
Make crime pay. Become a lawyer.
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