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So, about these economic stimulus rebate thingies...
SavannahLion:
--- Quote from: ChadTower on February 14, 2008, 05:49:33 pm ---There just isn't a clearer way to say it. SavannahLion is mistaken.
--- End quote ---
I'm not the only one. Many of the news stations are giving the impression that everyone earning between X and Y is going to get the full amount. It's been the talk of the office for weeks, everyone is assuming we're all going to get the full $600/1200.
I still say it's a crock. The range of earnings seems to capture the largest group of people with the worst spending habits. And given that these people are unlikely to restrict themselves to spending just the $600 on whatever frivolous purchasing the government is aiming for, it's going to drive the immediate debt of the people even higher.
ChadTower:
--- Quote from: SavannahLion on February 14, 2008, 06:09:41 pm ---I'm not the only one. Many of the news stations are giving the impression that everyone earning between X and Y is going to get the full amount. It's been the talk of the office for weeks, everyone is assuming we're all going to get the full $600/1200.
--- End quote ---
Because you likely are. If you make just about anything up to $75,000 you will get the full amount. $600. That is what it says. A married couple making nearly zero up to $150,000 will get $1200. It is not a graduating scale up to $600 and $1200.
boykster:
It pains me to say this, but Chad is interpreting this correctly ;)
single income up to $75k = $600
single income between $75k and $87k = a pro-rated amount
married income up to $150k = $1200
married income between $150k and $174k = a pro-rated amount
the amount you get back is reduced by $50 for every $1000 you earn above the income limit. And in all cases, "income" is your adjusted gross income
AtomSmasher:
Does that $600 get included if you owe money this tax period? Say I owe the government $1000 for taxes last year, does that mean I only have to pay $400, or do I pay the full $1000 and get $600 back later on?
SavannahLion:
--- Quote from: ChadTower on February 14, 2008, 07:08:14 pm ---
--- Quote from: SavannahLion on February 14, 2008, 06:09:41 pm ---I'm not the only one. Many of the news stations are giving the impression that everyone earning between X and Y is going to get the full amount. It's been the talk of the office for weeks, everyone is assuming we're all going to get the full $600/1200.
--- End quote ---
Because you likely are. If you make just about anything up to $75,000 you will get the full amount. $600. That is what it says. A married couple making nearly zero up to $150,000 will get $1200. It is not a graduating scale up to $600 and $1200.
--- End quote ---
Are you certain?
--- Quote ---In most cases, the payment will equal the amount of tax liability on the return with a maximum amount of $600 for individuals ($1,200 for taxpayers who file a joint return) and a minimum of $300 for individuals ($600 for taxpayers who file a joint return).
--- End quote ---
Let's say your (I believe it states elsewhere this is net, not gross) tax liability ends up being $500, I'm interpreting this as you're only going to get $500, not $600. There is a note elsewhere that if the government gaffs and overpays, you're not required to pay it back. And if they underpay, they'll pay you the difference the following year.
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