Twelve hundred bucks. Don't ask me how cause I pay a guy to figure that stuff. My wife draws a small retirement and I made seven thousand in the shop last year. Other than that, social security was our only other source of income, and that is about fourteen hundred a month total for both of us.
Terry, were the taxes you paid self employment tax or federal income tax or both? Seven thousand dollars owes $0.00 federal income tax so the tax cut would not effect you but your self employment tax would be about $1,000. However, if your small retirement income was taxable, then that might raise you into a taxable level that would be effected, howbeit probably only slightly. Of course, if you were younger and had children, at that income level you would probably be getting money from the IRS because of the tax credit Bush enhanced. That is where Bush really was telling the truth about being a compassionate conservative. He made it so that the federal government not only does not charge any federal income tax on the poorest, but the IRS actually gives them money via a tax credit. That is real compassion. You would think that a democrat would have done that, but no, it was a compassionate Republican.
Peace be with you, David Miller.
---------- "Let your speech be always with grace, seasoned with salt, that you may know how you ought to answer every man." (Colossians 4:6) http://www.InnGlory.org
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