Bush's tax rebate proposal! HELP ME OUT!

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Jan 28, 2008 | 06:29 AM

SoleLaced

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Bush's tax rebate proposal! HELP ME OUT!

Quote:

There has been a lot of news this week surrounding the President's proposed economic stimulus package which includes tax rebates to consumers. The expected rebate is $600 for individuals and up to $1,200 for married couples. An additional $300 is expected for each child as well. This would be available to individual tax filers that earned under $75,000, and joint filers who earned less than $150,000.

Well Im a college student. I made exactly 8568 dollars before taxes.
Out of that, I got taxed:
686.22 for federal tax
124.24 for medicare
531.23 for social security
47.84 for California tax

If my parents claim me...would I still be entitled for the tax rebate?

If not, does anyone have an idea how much I would be getting?

Jan 28, 2008 | 06:42 AM

07specTC

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Go get yourself a copy of TurboTax or similar and check.
This might involve too many variables.

Jan 28, 2008 | 07:15 AM

RodC

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Variables aside, you would not be entitled to a rebate if your parents claimed you as a dependent on their tax return.

Jan 28, 2008 | 07:19 AM

05FMtC

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and if ur parents dont claim u their return wont be as big either. one thing u might want to look into is if ur job does any tuition aid. my job does and im getting back 75% of what i paid this semester.

Jan 28, 2008 | 07:22 AM

RodC

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^ True, your parents will get an extra $300 if they do claim you, but you won't get sht.

Jan 28, 2008 | 11:52 AM

tCeeder

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cut a deal with your folks to let em claim you but give you a portion of the cash.

or just claim yourself and go do your taxes (not hard, like 1 or 2 pieces of paper) and get the money for yourself.