Sunday 10 February 2008

US Tax Rebate: FAQ


The US is on its way to give a whooping 130 million Americans a great respite from taxes – following the tax-rebate proposal.

President Bush will be signing an economic-stimulus tax rebate bill that will include tax rebates for Americans who have a minimum cutoff level of Accumulated gross income.

As per the news: Most individual taxpayers will be eligible to receive a $600 rebate, and married couples who file jointly will be eligible to receive $1,200. Other taxpayers who have dependent children under the age of 17 can expect an additional $300 per child as tax-rebate. As per an estimate, a typical family of four with two children will receive around $1,800 as tax-rebate.

The minimum requirement for getting the tax rebate is set as follows (http://www.usatoday.com/money/perfi/2008-02-10-rebate-faqs_N.htm):

The rebates will phase out for single taxpayers with adjusted gross income (AGI) of more than $75,000 and married taxpayers with AGI of more than $150,000.

The phase-out will be 5% of the amount of income that exceeds the threshold.
If, for example, you're married and your 2007 AGI is $160,000, your rebate would be $700. One can find more responses to the FAQ about Tax rebate on the link mentioned above.
Here are the additional details about how to get your tax rebate in the quickest possible way
Table of Contents

1 comment:

Anonymous said...

Hi Shobhit,
Just heard the news on CNN that President Bush has signed the Stimulus Rebate Package.
Here is the link where one can find more FAQs on the same

http://money.cnn.com/2008/02/08/pf/taxes/rebates_what_you_need_to_know/index.htm

rgds,
Mital


Copyright Information:
© http://invest-n-trade.blogspot.com
Please see Our Copy Right Policy. All the articles, posts and other materials on this website/blog are copyrighted to the owners of this portal. The content should NOT to be reproduced on any other website or through other medium, without the author's AND owners' permission.

DISCLAIMER: Before using this site, you agree to the Disclaimer.

About UsAdvertise with UsCopyRight Policy & Fair Use GuidePrivacy PolicyDisclaimer