Does working more affect child tax credit?
2017-03-24 4:14 am
We don't get much working tax credit, but if I was going to work more, will that affect the child tax credit we get. Or is child tax credit something you get around same amount. Is it worth working some more hours??
回答 (4)
2017-03-30 3:39 am
2017-03-26 3:49 am
the child tax credit is greatly misunderstood
if you have a taxable amount of income and have determined what you actually owe for income tax, the child tax credit is applied to reduce that by the number of dependents in your household under 17 and $1K for each
it reduces what you owe which is then compared to what was withheld
working more means more income tax was withheld, more income will be taxable, you will owe more income tax and the child tax credit may not be enough to mitigate your refund
if you have a taxable amount of income and have determined what you actually owe for income tax, the child tax credit is applied to reduce that by the number of dependents in your household under 17 and $1K for each
it reduces what you owe which is then compared to what was withheld
working more means more income tax was withheld, more income will be taxable, you will owe more income tax and the child tax credit may not be enough to mitigate your refund
2017-03-25 8:51 am
Working for 30 hours means you get the 30 hour element included in your maximum amount of working tax credit. So if you were working less than 30 hours and then increased your hours of work to more than 30, you could qualify for more WTC. But you don't get an increase in CTC for working more hours. The additional income might reduce the amount of CTC you get. A CAB can do a "what if" calculation for you, showing how your benefits would be affected by increased hours/pay.
2017-03-24 4:15 am
No.
2017-03-24 4:25 am
JesusChristMan....are you insane?
收錄日期: 2021-05-01 21:31:45
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