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Meaning / Definition of

Employed Persons

Categories: Economics,

The employed comprise all persons above a specified age who during a specified brief period, either one week or one day, were in the following categories:(a) paid employment:- at work: persons who during the reference period performed some work for a wage or salary, in cash or in kind; - with a job but not at work: persons who, having already worked in their present job, were temporarily not at work during the reference period and had a formal attachment to their job. This formal attachment should be determined in the light of national circumstances, according to one or more of the following criteria: the continued receipt of wage or salary; an assurance of return to work following the end of the contingency, or an agreement as to the date of return; the elapsed duration of absence from the job which, wherever relevant, may be that duration for which workers can receive compensation benefits without obligations to accept other jobs; (b) self-employment - at work; persons who during the reference period performed some work for profit or family gain, in cash or in kind;- with an enterprise but not at work: persons with an enterprise, which may be a business enterprise, a farm or a service undertaking, who were temporarily not at work during the reference period for any specific reason. For operational purposes the notion of some work may be interpreted as work for at least one hour.

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Definition / Meaning of

Hope Scholarship Credit

Categories: Finance,

You may qualify for a Hope scholarship tax credit for money you spend on qualified educational expenses for yourself, your spouse, or a dependent child.To qualify, the student must be enrolled at least halftime in the first or second year of a qualified higher education institution pursuing a degree or other credential.Qualified institutions include liberal arts colleges, universities, and vocational, trade, or technical schools. If two qualifying students are enrolled at the same time, you may take two Hope tax credits.To qualify for this credit, your modified adjusted gross income must fall within the annual limits that Congress sets. Those amounts tend to increase slightly each year.If you claim the credit while you're taking withdrawals from tax-free college savings plans such as a section 529 plan or an education savings account (ESA), you'll have to plan carefully. Your withdrawals will lose their qualified status and be subject to tax and penalty if you use them to pay for the same expenses for which you claim the tax credit. You can't take the credit, though, if you claim a tuition and fees deduction in calculating your adjusted gross income.

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