Which of the Following Is a Source of Earned Income

Taxes on earnings that fund old age survivor and disability insurance benefits are called a estate taxes b excise taxes c Social Security taxes d real estate property taxes e sales. Economics questions and answers.

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That is that you get as a result of your work.

. He had 500 withheld from his salary. Earned income does not include amounts such as pensions and annuities welfare benefits unemployment compensation workers compensation benefits or social security benefits. If a taxpayer has more the 3400 of investment income even if it is from tax exempt sources the taxpayer is prohibited from taking the earned income tax credit.

And other taxable employee compensation. Government benefits like payments from the Temporary Assistance for Needy. The earned income tax credit is determined based on the filing status and number of qualified children a taxpayer has.

A gift of money from a friend or family member D. He is not married and has one dependent child who is eligible for the child tax credit. Earned income also includes net earnings from self-employment.

It also includes pensions alimony unemployment compensation and other income that is not from performing services. If you are answering for eng2020 the answer is A a paycheck you recieve for work you have done. Earned Income and Skill Demand 6.

All wages and any other compensation for services performed in the United States are generally considered to be from sources in the United States. The source of your earned income is the place where you perform the services for which you receive the income. Foreign earned income is income you receive for performing personal services in a foreign country.

Source of Income - Personal Service Income. Which of the following is a source of earned income. The earned income tax credit may be available even if a taxpayer does not have kids.

Salary earned for services rendered B. The tax that is a major source of revenue for local governments is called an a estate tax b gift tax c income tax d real estate property tax e sales tax D Multiple choice. This is the opposite of unearned income.

After applying the earned income credit what is Steves refund or balance due. Long-term disability union strike benefits and in some situations payouts from deferred retirement compensation plans can also be included. Income for tax purposes I.

Royalty and copyright D. Sources from which income is derived. Compensation income is earned when an employer-employee relationship exists.

Earned Income and Skill Supply Learn with flashcards games and more for free. Which of the following is a source of comparative advantage. If you meet certain requirements you may qualify for the foreign earned income exclusion the foreign housing exclusion andor the foreign housing deductionTo claim these benefits you must have foreign earned income your tax home must be in a foreign country and you must be one of the following.

Rentals from owned properties D. A Earned income is excludable from gross income only if it is foreign-source income. Profits earned from business C.

Which of the following income represents income earned through employee-employer relationship. O Salaries earned O Loan repayment Interest from savings Dividends on investments. Where or how you are paid has no effect on the source of the income.

Which of the following is not a sources of family income. The use of capital III. Earned income is income derived from active participation in a trade or business including wages salary tips commissions and bonuses.

For example income you receive for work done in France is income. A paycheck you receive for work you have done B. Examples of earned income are.

Earned income is the income you earn. The correct answer is a. Money you receive from a company you invested in.

Correct answer to the question Which of the following is a source of earned income. Steves tax liability is 570 before any credits or prepayments are applied. Prophets derived from sale or exchange of capital assets All of the above.

This is most typically a salary but it could also be from tips and similar sources. Citizen who is a bona fide resident of a foreign. Which of the following is one of the sources of family income which is earned for services rendered or the money paid for a family member that works.

Which of the following is NOT a source of income for an individual who engages in personal budgeting. Which of the following is an example of earned income. A paycheck you receive for work you have done.

Lease of property B. Steves only source of income for the year is a salary of 24000. Wages salaries bonuses commissions tips and net profits from self-employment all fall under the category of earned income.

Means all income from whatever sources legal or illegal unless specifically excluded under the tax code II. Weekly expenses of family 1 See answer Advertisement. B Taxable pensions and annuities are excluded from the definition of earned income when computing the foreign-earned income exclusion.

Income that is not earned including money received for the investment of money or other property such as interest dividends rents and royalties. Interest on money you lent to a friend C. Abundant inputs O low tariff rates O low trade costs O global supply chains Jose has spent most of his life in the top two quintiles of income distribution although he did spend a year without earned income when he lost his job during a recession.

C An individual meets the bona fide resident test by establishing a home in a foreign country for 330 days. The place where the personal services are performed generally determines the source of the personal service income regardless of where the contract was made or the place of payment. O Salaries earned O Loan repayment Interest from savings Dividends on investments.

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