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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.
In this tax tutorial, you will learn about the Earned Income Credit. A tax credit is a dollar-for-dollar reduction of the tax. The earned income credit is a tax credit for certain people who work and whose earned income and adjusted gross income are under a specified limit. For 2014, the earned income and adjusted gross income must be less than: $46,997 ($52,427 if Married Filing Jointly) with three or more qualifying children.