Disposable Income = Gross Income - Taxes. So, lets say that your monthly gross income is $4,500, and $1,200 a month is subtracted for various taxes: $4,500 Gross Income - $1,200 Taxes = $3,300 Disposable Income. Disposable income is money that needs to cover food, shelter, clothes, non-essential purchases, savings, etc.
Ten Facts about the Child Tax Credit. IRS Tax Tip 2011-29, February 10, 2011. The Child Tax Credit is an important tax credit that may be worth as much as $1,000 per qualifying child depending upon your income. Here are 10 important facts from the IRS about this credit and how it may benefit your family.
1 Children's fitness credit: This credit doubles for the 2014 tax year. 2  Claim up to $1,000 annually in sports and fitness activity fees per child under the age of 16, resulting in a maximum savings of $150 per child.laim all federal and provincial credits and deductions you can. 1  Child tax credit: In the 2014 tax year, the federal credit is $2,255 for each child under 18, which works out to tax savings of around $338 per child.