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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.
The Internal Revenue Service recognizes two types of income: earned and passive. Earned income includes wages, salaries, commissions and any other type of income for which the taxpayer performs a service or conducts a business activity in return. Passive income comes from real estate, investments and rental activities.