Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is a tax credit designed to provide financial assistance to low- and moderate-income working individuals and families. The credit is based on the amount of earned income, such as wages or self-employment income, and the number of qualifying children in the household. Continue Reading Below

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Discover the definition of financial terms related to earned income tax credit.

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Learn About Earned Income Tax Credit

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About Earned Income Tax Credit

The Earned Income Tax Credit (EITC) is a tax credit designed to provide financial assistance to low- and moderate-income working individuals and families. The credit is based on the amount of earned income, such as wages or self-employment income, and the number of qualifying children in the household. The credit is intended to help these families and individuals make ends meet, and to provide an incentive for them to work. The amount of the credit varies depending on the individual's or family's income and number of qualifying children. The credit can be as much as several thousand dollars, and it can also be used to offset any taxes owed. In some cases, the credit can result in a refund to the taxpayer.