What is earned income credit?

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    noc4hireposted 8 years ago

    What is earned income credit?

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    Eli-Ane Phillips-posted 8 years ago

    It is a credit for the working poor.  If you have a little bit of money and a slew of kids, you just may qualify. 

    The Government tried to word it nicely in the handbook by stating "It is a credit for certain people who work."  Guess what, if you are making any real money writing HUBS, yo do not qualify. 

    If you earn $1-50.00 you are intitled to $11.00 and the amount of the credit increases as your income increases.  The maximum amount of the credit is $5,657.00, but you can only earn $21,450.00 and have at least three children.   If your income is over $21,450.00 the amount of the credit will start to decline all the way down to zero. 

    Senior citizens who live on Social Security Benefits only and have no other income are not entitled to earned income credit.   Senior citizens spend their life paying into SSA benefits, live on meager income yet they are not included in the earned income tax benefit.  I dont' mean to sound harsh, but I have worked in the healthcare field for over 20 years and I am sick and tired of the way our government treat the mentally challenged and seniors.  I am an outspoken advocate for reform when it comes to peope who face mental and physical challenges as well as aging seniors.

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    maddypageposted 7 years ago

    I worked shortly with the Census Bureau this past year, and I received EIC in my weekly check. Guess what, I have ONE baby and I'm white. I'm sure Eli-Ane Phillips is surpirised by this.

    Anyway, EIC is basically the taxes that you would receive at the end of the year, but in your check each week instead. It is focused on single mothers and low-income families with children, but it is not an actual credit or lump some as it was made to sound by others. They basically just take out less taxes from your check each week. Hope this helped clear up the confusion.