Posted on: July 3, 2009 9:06 am
Edited on: July 3, 2009 9:22 am
The 25 nominees for NASCAR Hall of Fame were announced last night. So which five make it in as the inaugural class? The list is below, if you aren't sure who all of them are, here is a link to the article on NASCAR.com that talks about each driver.
Bill France Jr.
William H.G. France
Posted on: March 31, 2009 8:20 am
I was reading CNN this morning, and saw something called "Here comes your stimulus bonus", so I figured I would check it out. I already knew how much money was involved for individuals and married couples, so the dollar amounts weren't very surprising. It is $400 for singles and $800 for married people filing jointly which works out to $400 each. Not sure why they need to make that distinction, why not just say everybody working and making less than $75,000 will get an extra $400. Ok, I know, there could be a married couple with one making 100k, while the other makes only 25k, so they would lose out on $400, but so what. It isn't that much money to someone making that much anyway. It works out to a whopping $15 per pay. WooHoo, let me run out and plan my Hawaiian vacation.
Ok, so that isn't that big of a deal, but when I continued reading the article, they have a section about where there could be issues with this tax credit.
If you work two jobs, one employer will be giving you the extra $400, and so will the other employer, meaning you will be underpaying your taxes by $400 and will need to pay that money back the next year when you do your taxes, or you refund will be $400 less.
Joint filers whose Spouses work could have an issue. The problem here is the way the withholding tables werre set up, each worker may get paid up to $600, so if they are both working they will be getting an extra $1,200 in their pay instead of the $800 it should be, so they too will have to pay back $400. Why are you setting up the tables this way. Wouldn't it be so much simpler just to give each person the $400 they are entitled to? Why overpay someone. Whoever thought up this approach should be fire for gross stupidity.
They also list anyone who receives income from Rental property or investments such as interest or dividends, since this could potentially push your modified adjusted gross income higher than the limit, thus you probably shouldn't have gotten the credit and will need to pay it back.
Another issue, the withholding tables were structured so that you would start getting the money on April 1. If your company instituted the change prior to this, guess what? Yup, you will be getting more than you should and will have to pay the money back next year.
The totals are based on your Modified Adjusted Gross Income. What is that you say? Quite simple, it is your adjusted gross income but with some exlusions added back in. I nthe case of this credit the only exclusion that would need to be added back in is any income earned in a foreign country, Puerto Rico, or in American Samoa.
So something nice and simple was made much more complicated thanks to the wonderful individuals we elected into govenrment. I know there are many people who don't like Bush, and yea he had his faults, but when it came to a stimulus package, he did it the right way and just gave out checks to anyone who filed a tax return. No need to pay any extra back because it was nice and simple. I would prefer to just get the $800 (I'm married) in one check since an extra $15 bucks a pay isn't going to give me a whole lot of buying power.
Ok, rant is over.