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Profit, employment and pension income / earned income. Earned income consists of income chargeable under the Income Tax (Earnings and Pensions) Act 2003, such as pay, private and occupational pensions, retirement annuities, state retirement pensions and taxable social security income.
Understanding the difference between what is unearned income and what is earned income is important, because they receive different tax treatments. The difference matters for other tax considerations, too, such as IRA contributions and the Earned Income Tax Credit. Earned income Let's review earned income first. Per the IRS, it includes what you would expect: wages, salaries, tips, and other taxable employee pay.. It also includes many kinds of self-employment income, including income from owning a farm, working as clergy for any religion, or as a statutory employee.