Tax Rebate - My AGI is $162k, what estimate do you think we might get? Any tentative charts..??
Answers: You are above the limit of $150K, and the government considers you rich... Looks like you are out of luck on this one.
I haven't seen the specifics on the phaseout... I think it starts at $150K, with a full phaseout at $165K... You may be 80% phased out... If you were under $150K, you would get $1200... With the phaseout, I would expect maybe $240.
It looks like you'll be over the limit to get anything - limit on joint returns is reportedly $150K.
Independent contractor?
if i worked for a comp for $500 are they supposed to send me a 1099 and where on earth do i report thisAnswers: The rule is $600.00 or more before a 1099 is required.
They don't own to send you a 1099 unless they salaried you at least
$600.
They don't own to send you a 1099, but you are required to report it on a calendar C or C-EZ. You'll also need a agenda SE to figure self-employment charge for social security and medicare, and a form 1040 (not 1040A or EZ)
18 and political affairs stimulus bunch?
so I am really confused. so I'll just state the facts, I am 18 years dated, I am in highschool still, I hold made over the recommened amount of $3,400 for the rebate, I have file my taxes already this year, My parents do claim me as a dependent on their taxes, so my question is will I be getting the rates rebate check?I have hear that people lower than 25 don't get the check? also I own heard that I won't be getting the check because my parents still claim me?
I own all these question and I am just really confused give or take a few the whole entry so if anyone could please just cultivate me on the whole subject and permit me know if I should be expecting the rebate check or not.
Thanks all.
Answers: Regardless of whether your parents claim you as a dependent, below the terms of the compromise bill passed by the Senate, you also would be eligible to receive a rebate of up to $600 if you remunerated that much in Federal Income Tax. If you just paid $350 within taxes (less than the $600 rebate limit), you only get hold of back $350. Since you have earned income of at most minuscule $3000, you would get at most minuscule the minimum rebate of $300.
While the rebate depends on your 2007 income, it is actually a rebate toward your 2008 taxes. According to the proposed plan, surrounded by 2008, taxes would be cut from 10 percent to zero percent on the first $6,000 dollars of taxable income for individual taxpayers.
It's approaching a one time tax cut for 2008, but you carry the rebate now instead of waiting to profile your 2008 taxes. Because this is an advance compensation on your 2008 taxes, your refund subsequent year could be more (or less!) depending on your 2008 income.