Earned income tax credit Earned income tax credit The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient’s income and number of children. For a person or couple to claim one or more persons as their qualifying child, requirements such as relationship, age, and shared residency must be met. In the 2013 tax year, working families, if they have children, with annual incomes below $37,870 to $51,567 (depending on the number of dependent
Income tax in Australia of an asset in an enterprising manner. Income from investment or property is also classified as ordinary income and can include: rent from a lease, interest on a loan, dividends and royalties. When assessing the amount of ordinary income, only the profits are counted based on a notional basis. A resident for tax purposes is subject to income tax on income from all sources, whereas non-residents for tax purposes are only subject to income tax in Australia on their income from Australian sources. There are four tests to determine whether an individual is a resident for income tax purposes: A