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The child tax credit is a tax benefit for parents with dependent children, providing a credit for each child. The earned income credit is a tax benefit for low to moderate-income individuals and families who have earned income from work. The main difference is that the child tax credit is based on the number of children, while the earned income credit is based on income and family size.

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5mo ago

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Difference between earned and unearned income?

earned income: your paycheck, and salary unearned income: interest on ur savings, interest ;)


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Unemployment benefits are not "earned income", so you should not be eligible for earned income credit.


Is it true of false that profit is the difference between earned income and costs?

True. Profit is defined as the difference between earned income (revenue) and costs (expenses). If income exceeds costs, a profit is generated; if costs exceed income, a loss occurs.


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Earned income refers to money earned through active work, such as wages or salaries. Ordinary income includes all types of income, including earned income, interest, dividends, and capital gains.


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If you had miscellaneous income from working for an individual and received a 1099misc form would this income qualify for the earned income credit??


Is fees earned debit or credit?

Fees Earned is an Income and whenever an income increases its credited! So that makes it a credit.


Difference between accrued income and outstanding income?

Accrued Income is income that is earned by provided a service or the sale of a product but hasn't been received yet. Outstanding income is income that is yet to be earned.


Is earned income credit a refundable credit?

Yes it is.


Can you receive tax refund if you have no income?

no you may not If you have no earned income, you would not qualify for the earned income credit.


Is earned income tax credit an itemized deduction?

No. The earned income tax credit is a credit received by some based on their income and lawful dependent children. It is not a deduction of any kind.


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