{"id":3896,"date":"2024-08-19T15:50:36","date_gmt":"2024-08-19T15:50:36","guid":{"rendered":"https:\/\/www.lendnation.com\/?post_type=wiki&#038;p=3896"},"modified":"2025-11-13T14:39:22","modified_gmt":"2025-11-13T14:39:22","slug":"earned-income","status":"publish","type":"wiki","link":"https:\/\/www.lendnation.com\/resources\/wiki\/earned-income\/","title":{"rendered":"Earned Income"},"content":{"rendered":"\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div style=\"height:95px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-70\"><\/div>\n\n\n\n<p class=\"has-text-align-center is-style-overline\" style=\"margin-top:0;margin-bottom:var(--wp--preset--spacing--20)\">LENDNATION WIKI<\/p>\n\n\n\n<h1 class=\"wp-block-heading has-text-align-center has-display-large-font-size\" id=\"h-what-is-earned-income-understanding-your-paycheck-and-tax-benefits\" style=\"margin-top:0;margin-bottom:var(--wp--preset--spacing--60)\">What Is Earned Income? Understanding Your Paycheck and Tax Benefits<\/h1>\n\n\n\n<p>Earned income is money you make from working. It includes wages, salaries, tips, and other payments you get for the work you do. If you have a job where you receive a paycheck, you&#8217;re receiving earned income. It\u2019s different from unearned income, which might come from investments, government benefits, or pensions.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-earned-income-definition\">Earned Income Definition<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Earned income: <\/strong>money you receive for working, including wages, <a href=\"https:\/\/www.lendnation.com\/resources\/wiki\/salary\/\">salary<\/a>, tips, commissions, and profit from self-employment. Example: the pay on your paycheck or 1099 from gigs counts as earned income.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-considered-earned-income\">What Is Considered Earned Income?<\/h2>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Here\u2019s what typically counts as earned income:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Wages<\/strong> <strong>and salaries<\/strong>: Money earned from working a job<\/li>\n\n\n\n<li><strong>Tips<\/strong>: Extra money received directly from customers<\/li>\n\n\n\n<li><strong>Self-employment income<\/strong>: Money you earn from running your own business or working as a freelancer<\/li>\n\n\n\n<li><strong>Certain disability benefits:<\/strong> Payments you receive before reaching minimum retirement age<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-earned-income-tax-credit-eitc\">Earned Income Tax Credit (EITC)<\/h3>\n\n\n\n<p>One of the key benefits of <a href=\"https:\/\/www.lendnation.com\/resources\/wiki\/earned-income\/\">earned income<\/a> is qualifying for the Earned Income Tax Credit (EITC). This is a tax credit for low-to-moderate-income workers, especially those with children, and it can reduce the amount of tax you owe or even possibly help get you a refund.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-how-do-i-know-if-i-qualify-for-eitc\">How Do I Know If I Qualify For EITC?<\/h4>\n\n\n\n<p>Qualifying for the EITC depends on several factors:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Your income level:<\/strong> You must fall within a certain income range, which may change annually<\/li>\n\n\n\n<li><strong>Your filing status:<\/strong> Whether you\u2019re single, married, or head of household<\/li>\n\n\n\n<li><strong>Number of dependents:<\/strong> The more qualifying children you have, the higher the credit<\/li>\n\n\n\n<li><strong>Proof of earned income:<\/strong> You need to show that you\u2019ve earned income from working<\/li>\n<\/ul>\n\n\n\n<p>To find out if you qualify, you can use tools like the <a href=\"https:\/\/www.irs.gov\/credits-deductions\/individuals\/earned-income-tax-credit\/use-the-eitc-assistant\">IRS EITC Assistant<\/a> or talk to a tax professional. Claiming this credit can significantly impact your tax situation, potentially leading to a larger refund that could help cover immediate expenses or pay down debts.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-40\"><\/div>\n\n\n\n<section class=\"wp-block-group alignfull p-cta p-cta--two-column is-style-theme-dark is-layout-flow wp-block-group-is-layout-flow\">\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-50\"><\/div>\n\n\n\n<div class=\"wp-block-group alignfull l-container is-layout-flow wp-block-group-is-layout-flow\" style=\"padding-top:var(--wp--preset--spacing--50);padding-right:var(--wp--preset--spacing--50);padding-bottom:var(--wp--preset--spacing--50);padding-left:var(--wp--preset--spacing--50)\">\n<div class=\"wp-block-columns alignfull is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<h2 class=\"wp-block-heading has-display-font-size\" id=\"h-open-a-lendnation-account-today-apply-online-or-in-store\" style=\"margin-top:0\">Open a LendNation Account Today -Apply online or in-store!<\/h2>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.lendnation.com\/apply\/\">Apply Now<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-secondary\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.lendnation.com\/location\">Find a Store<\/a><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-outermost-icon-block items-justified-right\"><div class=\"icon-container has-icon-color has-backgrounds-default-light-color\" style=\"color:#FFFFFF;width:100%;transform:rotate(0deg) scaleX(1) scaleY(1)\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 24 24\" aria-hidden=\"true\"><path d=\"M3.25 12a8.75 8.75 0 1117.5 0 8.75 8.75 0 01-17.5 0zM12 4.75a7.25 7.25 0 100 14.5 7.25 7.25 0 000-14.5zm-1.338 4.877c-.314.22-.412.452-.412.623 0 .171.098.403.412.623.312.218.783.377 1.338.377.825 0 1.605.233 2.198.648.59.414 1.052 1.057 1.052 1.852 0 .795-.461 1.438-1.052 1.852-.41.286-.907.486-1.448.582v.316a.75.75 0 01-1.5 0v-.316a3.64 3.64 0 01-1.448-.582c-.59-.414-1.052-1.057-1.052-1.852a.75.75 0 011.5 0c0 .171.098.403.412.623.312.218.783.377 1.338.377s1.026-.159 1.338-.377c.314-.22.412-.452.412-.623 0-.171-.098-.403-.412-.623-.312-.218-.783-.377-1.338-.377-.825 0-1.605-.233-2.198-.648-.59-.414-1.052-1.057-1.052-1.852 0-.795.461-1.438 1.052-1.852a3.64 3.64 0 011.448-.582V7.5a.75.75 0 011.5 0v.316c.54.096 1.039.296 1.448.582.59.414 1.052 1.057 1.052 1.852a.75.75 0 01-1.5 0c0-.171-.098-.403-.412-.623-.312-.218-.783-.377-1.338-.377s-1.026.159-1.338.377z\"><\/path><\/svg><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div style=\"height:64px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-50\"><\/div>\n<\/section>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-summary\">Summary <\/h3>\n\n\n\n<p>Understanding earned income is more than just knowing where your paycheck comes from\u2014it\u2019s about recognizing how it can affect your taxes and financial planning.<br>By knowing more about what counts as earned income and taking advantage of tax credits like EITC, you can better manage your finances and potentially increase your <a href=\"https:\/\/www.lendnation.com\/resources\/wiki\/tax-refund\/\">tax refunds.<\/a><\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer is-style-spacing-50\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"featured_media":0,"template":"","class_list":["post-3896","wiki","type-wiki","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is Earned Income? 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