 Tax and NI deductions...confused? |
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Solid Snake | Will I get $300 or $600 for my tax rebate? |
Ok, I understand that if you earned $3000 or more, you will get at least $300.
My question is: How do you know if its $300, $600 or something in between?
Assuming no children, is it all based on taxes you paid for 2007?
I am a single individual with no children. I made $18,000 last year and will be paying about $300-$400 in federal tax.
What will I receive for a rebate check?
Additional Details
I understand that its not finalized yet, bit is there any standard equation on who gets $300 and who gets $600? Someone said its based on income and over $8500 will net a $600 check, while someone else says its based on federal tax paid. Is there any equation for this? |
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Richard M
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The proposed rebate depends on your taxable income. According to the proposed plan, in 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers. So if you paid $400 in Federal Income Tax in 2007, your rebate would be $400. Your refund next year could be more (or less!) depending on your 2008 taxable income.
Nothing has passed Congress yet, so all details are subject to change. Estimates for the timing of the rebate checks vary from May to July. |
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Anne M
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The proposed rebate plan is really quite simple. ALL persons reporting at least $3000 in income receive the minimum $300 rebate.
Single taxpayers who pay more than $300 but less than $600 in 2007 Federal Income Tax receive a rebate equal to the tax paid. Single taxpayers who pay $600 or more in 2007 Federal Income Tax receive a $600 rebate.
Married taxpayers filing jointly who pay who pay more than $300 but less than $1200 in 2007 Federal Income Tax receive a rebate equal to the tax paid. Married taxpayers filing jointly who pay who pay more than $1200 in 2007 Federal Income Tax receive a $1200 rebate.
However, the Senate is currently fiddling with the package so all this may change. |
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happy gilmore
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I thought the checks were between 600-1200, I believe poor single folks like yourself get 600 even though you didn't even pay that in taxes, yet i paid more in taxes then you made last year and I get jack squat. |
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Judy1
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Congress is still debating the details, so it's very likely that some things will still change, and nobody knows what those changes will be. So what is in the last announced proposal might or might not happen - and the proposal info given out was deliberately short on details. |
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philly_romantic
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More than likely you will get back $600.00 The $300 is the base for people who make at least $3000. |
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117wstwd
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I think if you make at least $8500 you will get $600. If you make between $3000 and $8500 you get $300, and if you make less than $3000 you get nothing. You get more per dependent as long as you don't make more than $75K or $150K as a married couple.
You should be looking at a $600 check. |
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katie c
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I think you'll get $600. But what I don't understand is you made $18,000 but are only paying that little in taxes? I am single myself no children. I made $18,000 last year and I am paying $2000 in federal taxes! I'll get back about $900 wtf? |
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gleelogan
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$600 per adult
$300 per child that is in your house that u file a tax return for!! |
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Squadcar
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By the time anybody receives it, we'll all have forgotten about it! I made over $50,000 but under $60,000 and my husband made a BIG $1,228.00. He doesn't deserve a rebate but I wonder how that works if we file a joint return. |
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taxreff
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No one knows yet. While there is agreement on some basic principles, congress is still working on the details. |
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