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Posts tagged tax
McCain reports over $400,000 in earnings
Apr 18th
Let’s break down his earnings as reported by the Associated Press.
Income
- John McCain = $258,800 in taxable income based on the following:
Senate salary was $161,708.
Navy pension was $58,358.
Social security income was $23,157. - Cindy McCain earned $432,991from Hensley & Company, her family’s beer distributorship.
Expense
- The McCains donated $105,467 to charity (including their Family Foundation).
- They paid $136,572 to household employees.
- John McCain also paid $17,700 in alimony.
Note: Cindy McCain’s tax returns were not released as the couple files taxes separately. However, Cindy McCain’s fortune is well within the $100 million range.
Obama Reports $4.2 Million Income
Apr 16th
US Tax Rebates: Get the Scoop
Feb 16th
If you haven’t heard yet, US lawmakers approved a $170 billion plan to spur the slowing US economy. The centerpiece of this plan is tax rebates. The following information summarizes the key facts.
Who qualifies?
One-time rebates will be sent to at least 117 million low- and middle-income households, 20 million senior citizens living off of Social Security, and 250,000 disabled veterans.
How do I qualify?
To be eligible for a full rebate, single tax filers must have 2007 adjusted gross income (AGI) below $75,000 and joint filers must have AGI below $150,000. You must also file a federal tax return for 2007.
What will I receive?
Single filers with AGI below $75,000 will get rebates of as much as $600. Couples with AGI below $150,000 will receive rebates of up to $1,200. In addition, parents will also receive $300 rebates per child under 17; there is no cap on the number of qualifying children eligible.
When will I receive the rebate?
Treasury Secretary Henry Paulson said it should take about 10 weeks to issue all the checks. As a result, you could see the money sometime between May and early July.