January 25, 2008 in Nation/World

Six quick rebate scenarios: See more examples at spokesmanreview.com

The Spokesman-Review
 

1

Rebate basics:

Most individual taxpayers would receive up to $600 in rebates, working couples $1,200 and those with children an additional $300 per child under the agreement, which still must pass the House and the Senate. Checks could be mailed as early as May.

2

Individual with $2,500 in earned income in 2007: Disqualified because income fell below the $3,000 threshold.

No rebate.

3

Married couple, no children, with adjusted gross income of $100,000 in 2007: Would qualify for full $1,200.

$1,200 rebate.

4

Worker with one child, who earned $9,000 and owed no taxes in 2007: Would qualify for $300 available to individuals who pay no taxes but earned at least $3,000, plus an additional $300 for the child.

$600 rebate.

5

Couple with income of $145,000 in 2007, three children: Would qualify for the full $1,200 for couples, plus $300 for each child.

$2,100 rebate.

6

Couple with income of $160,000 in 2007, two children: Partial rebate, reduced by $50 for every $1,000 in income above the $150,000 threshold. An $1,800 rebate ($1,200 for couple plus $300 per child) would go down by $500.

$1,300 rebate.

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