Common use of Earned Income Clause in Contracts

Earned Income. The net earnings from self-employment in the trade or business with respect to which a Plan is established, for which personal services of the individual are a material income-producing factor. Net earnings will be determined without regard to items not included in gross income and the deductions allocable to such items. Net earnings are reduced by contributions by the Employer to a Qualified Plan to the extent deductible under Code Section 404. Net earnings shall be determined with regard to the deduction allowed to the taxpayer by Code Section 164(f) for taxable years beginning after December 31, 1989.

Earned Income. The annual net earnings from self-employment in the trade or business with respect to which a the Plan is established, for which provided that personal services of the individual are a material income-producing factor. Net earnings will be determined without regard to items not included in gross income and the deductions allocable to such items. Net earnings are reduced by contributions by the Employer to a Qualified Plan qualified plan to the extent deductible under Code Section 404section 404 of the Code. Net earnings shall be determined with regard to the deduction allowed to the taxpayer Employer by Code Section section 164(f) of the Code for taxable years beginning after December 31, 1989.