Earned income credit

Earned income credit

A tax credit available to low-income employees. It may be taken when the employee files his or her individual tax return, or partially paid in advance by the employer during the year (AEIC)

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Part of Speech: noun
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Blossary:
Industry/Domain: Accounting
Category: Payroll
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Related terms

earned income credit

Outsourcing & offshoring; Business process outsourcing (BPO)

A tax credit available to individuals with low earned income. An individual is entitled to the full amount of this credit even if it exceeds the amount of tax otherwise due.

earned income credit

Accounting; Payroll

A tax credit available to low-income employees. It may be taken when the employee files his or her individual tax return, or partially paid in advance by the employer during the ...

earned income credit

Financial services; General Finance

A tax credit for taxpayers with children.

advance earned income credit

Banking; Savings

A provision that allowed employees to receive their earned income credit as an advance in their paycheck throughout the year. The earned income credit is a refundable tax credit ...

advance earned income credit (AEIC)

Accounting; Payroll

Payments of earned income credit during the year to employees who expect to be eligible for the credit. Employers make the payments out of federal income, social security, and ...

annual wage reporting (AWR)

Accounting; Payroll

Social Security Administration’s system of recording wages reported annually by employers on Form W-2.

statutory nonemployees

Accounting; Payroll

Special groups of workers who may qualify as common law employees but are treated under the law as independent contractors (e.g., qualified real estate agents and direct sellers) ...

taxpayer identification number (TIN)

Accounting; Payroll

social security number or employer identification number, which serves as the taxpayer’s account number with the IRS.

wage orders

Accounting; Payroll

State agency directives that set wage and hour standards, usually for specific industries.

paycard

Accounting; Payroll

Stored-value debit cards funded by employers with employees' pay. Workers can access their pay by using the cards to withdraw cash or make purchases.

withholding

Accounting; Payroll

Subtracting amounts from an employee’s wages for taxes, garnishments or levies, and other deductions (e.g., medical insurance premiums, union dues). These amounts are then paid ...