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Understanding that it is a moving ball..changing daily.
All the proposals key off being based on the taxpayers 2007 adjusted gross income and filing status as shown on their return.
That's one reason that while they are speeding up the rebate, it still will be after the 4/15/2008 filing date for 2007 income.
Also, this is actually a rebate of the tax you already paid in 2008 anyway...which you would have gotten. The lowest rate for the lower incomes was brought to 0 in a prior law. This money just gets what is being withheld back to you sooner. (Higher bracket tax payers pay that same low rate on those amounts of earnings as the low earner...they just pay a higher percentage on the higher income amounts.)
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Will the federal income rebates of 2008 be taxable on your 2009 federal income tax?
Yes. No. The IRS, in Notice No. CP 1378, "Understanding Your Economic Stimulus Payment", mailed to recipients of the tax rebates, states "You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return." See also: http://www.factcheck.org/askfactcheck/is_the_economic_stimulus_payment_taxable.html
What is Before tax income after tax income?
Before tax income is gross income less allowable deductions and rebates = assessable income. After tax income is assessable income less the applicable income tax
What is the difference of income tax and income?
Income is basically everything that you earn, whether by physical exertion, or by investing. Income tax is a tax levied by governments, on the above income less allowable deductions and rebates. Allowable deductions and rebates are worked out by the government levying the income tax. It very quickly gets very involved and complicated.
How is the tax rate on personal income taxes determined?
The more income the person makes the higher rate he or she pays
What determines whether an entity pays regular income tax or AMT?
Corporations determine whether an entity pays regular income tax or Alternative Minimum Tax (AMT). Most state income taxes are determined on the same tax year as the federal tax year.
Will the federal income rebates of 2008 be taxable on your 2009 federal income tax?
Yes. No. The IRS, in Notice No. CP 1378, "Understanding Your Economic Stimulus Payment", mailed to recipients of the tax rebates, states "You will not be required to report the amount of your stimulus payment as taxable income on your 2008 federal income tax return." See also: http://www.factcheck.org/askfactcheck/is_the_economic_stimulus_payment_taxable.html
What is Before tax income after tax income?
Before tax income is gross income less allowable deductions and rebates = assessable income. After tax income is assessable income less the applicable income tax
What is the difference of income tax and income?
Income is basically everything that you earn, whether by physical exertion, or by investing. Income tax is a tax levied by governments, on the above income less allowable deductions and rebates. Allowable deductions and rebates are worked out by the government levying the income tax. It very quickly gets very involved and complicated.
Does the stimulus package just signed provide rebates to individual tax payers like the 2008 rebates?
No. No. NO.
The us government has decided to issue federal income tax rebates to taxpayers what is the most likely goal of these rebates?
the goal is to get the consumer to increase their spending
How do we file for the rebate checks?
The 2008 Tax Rebates will be sent out to everyone who files a 2007 Federal Tax Return.
What green remodeling projects qualify for tax rebates?
What types of green remodeling are eligible for tax incentives? Which green remodeling projects can result in tax rebates?
In 2009 is it tax year 2008?
Yes, the income from 2008 is reported in 2009.
Is there a constitutional basis for the American government to charge an income tax?
To this day, there here is a constitutional basis that definitely states for the American government is to charge an income tax. In the United States tax is determined by applying a tax fee which increases as income increases.
How is the tax rate on personal income taxes determined?
The more income the person makes the higher rate he or she pays
What determines whether an entity pays regular income tax or AMT?
Corporations determine whether an entity pays regular income tax or Alternative Minimum Tax (AMT). Most state income taxes are determined on the same tax year as the federal tax year.
When will the tax rebates arrive from the stimulus package from tax filed in 2008?
You already should have received it, actually a long time ago. Contact the IRS at www.irs.gov to find out about yours.
