tax credit threshold

HappyMJ

princessdon wrote: »

Am I wrong then Happy (apologies if this is the case OP). It's just the tables all stop at 3 children so i assumed no more CTC was given for over 3?


http://www.direct.gov.uk/en/MoneyTaxAndBenefits/TaxCredits/peoplewhohelpothers/Entitlementtablesfortaxcredits/Youworkandalsohavechildren/DG_174885

The most common family sizes are 1, 2 and 3. The tables could go on forever but not too many families have 4 or more children.

smythsam

Annual income £One child Two children Three children 0 7,1109,80012,4905,100 7,1109,80012,4909,5006,6409,33012,02010,000 6,4359,12511,81515,000 4,3857,0759,76520,000 2,3355,0257,71525,000 2852,9755,66530,000 0 9253,61535,000 00 1,56540,000 0 0 0
How income affects the amount of tax credits you can get

The 'elements' you're entitled to for a year are all added together and are then reduced if your gross income (before tax and National Insurance is taken off) goes above a certain level. The higher your income, the lower your tax credit payments will be.

i do like this thoe lol
we will tax you both but not take that off your income when we work out how much we can give you as you are both on a !!!! wage lol
then we will give you back a very very small amount that we taxed you in the first place...
iam now understanding how this tax credit thing works now!!!
still going to say it thoe...what a big jump from 3 children to two children lol

HappyMJ

still going to say it thoe...what a big jump from 3 children to two children lol

You are reading it wrong though. The jump between all the levels is exactly £2,690 per year. Someone, a family earning £30,000 a year with 2 children gets £130 a year. If they have another child then they get £2,690 more. It might seem like it's 21 times more tax credits but really it's just £2,690 more per year just in tax credits for one child as the government believes it costs £64.99 a week (you also have child benefit of £13.40 a week to consider) to raise a child. You earn your own money and can afford to raise 2 children on your own income. If you have more children then you need to claim benefits to help if you cannot increase your income.

m40

HappyMJ wrote: »

85 hours a week at minimum wages is £27,000 per year. A reasonable figure to look after 2 adults and 2 children.

Do you have children HappyMJ

HappyMJ

m40 wrote: »

Do you have children HappyMJ

It's twice the amount a family on only benefits would get in JSA, Child tax credits and Child benefit. Yes I know kids are expensive but £27k is enough for a basic lifestyle.