Wtw/ctc

daff_duck

If income of couple £12929.00 per year with 2 children and working 16 hrs, I worked out credits to be £6760. yet when I check on the two calculator sites they only say about £94-100 per week.This is how I worked it out-Does this seem right?

income-12929.00

max credits-7665.00/basic element/couple/family/two kids

income threshold-£5220.00

over threshold by-£2445.00

£2445.00 x 37%= £904.65

£7665.00-£904.65= Tax credits of-£6760.35

£6760.35=£130per week

bergy2

I have never seen entitled to get it wrong

You take the 5220 off 12929 = 7709 x 37% = 2852


Deduct that off Tax Credits

daff_duck

:embarasse :rolleyes2 Ah! I see what I've done.

daff_duck

bergy2 wrote: »

I have never seen entitled to get it wrong

Could you check these figures out for me?

Couple, 2 kids, £870 CT and mortgage, hubby works 16hrs min wage, and gets DLA LRM/MRC, would get the disabilty element, wife gets carers allowance.

Could you let me know what you think?

bergy2

Hiya - was at a wedding yesterday

wow thats almost an exam case scenario lol
ahm are we just talking tax credits?

daff_duck

Well the problem is it keeps saying tax credits and then an extra in IS/IB. I don't understand why this is but if I take that amount off the total income we are much worse of than we are now.

Tax Credits-Initial Tax Credit:£9,295.30 - £177.78

Tax Credits-Final Tax Credit:£9,295.30 - £177.78
Income Support/JSA:£2,107.11 - £40.30Assumes adult-only Income Support/JSA(IB).
Council Tax Benefit:£442.33 -£8.46 Based on an income of £177.78 from tax credits.
Total: £11,844.74 £226.54
Total means-tested entitlements Earned Income (net): £4,548.85 - £87.00
Other Income (net): £2,543.70 - £48.65
Income From Child Benefit: £1,579.02 - £30.20
Total Income: £20,516.31 £392.39