The working income tax benefit (WITB) consists of a basic amount and a disability supplement. This article is about how to calculate the working income tax benefit for single individuals without an eligible spouse or an eligible dependant for 2014.
How to calculate Basic WITB for 2014
The basic working income tax benefit (WITB) for single individuals is calculated at 25% of working income in excess of $3,000, reaching a maximum amount of $998 at $6,992 working income level. The basic WITB is reduced by 15% of adjusted family net income in excess of $11,332 and disappears when adjusted family net income reaches $17,986.
How to calculate disability supplement for 2014
If you are qualified for disability supplement, it is calculated at 25% of working income in excess of $1,150, reaching a maximum amount of $499 at $3,146 working income level. The disability supplement is reduced by 15% of adjusted family net income in excess of $17,988 and disappears when your adjusted family net income reaches $21,315.
The working income tax benefits are the total of basic WITB and disability supplement.
The above calculation is also applicable to individuals who were married or living in a common-law partnership, but didn’t have an eligible spouse or an eligible dependant.