Podcast: Play in new window | Download
Yes! I’m back, talking about recessions, stimulus packages, Prime Ministers, Presidents, 2020 Summit and more. I’m joined in the studio by Druey along with despatches from around the podcasting world!
Podcast: Play in new window | Download
Yes! I’m back, talking about recessions, stimulus packages, Prime Ministers, Presidents, 2020 Summit and more. I’m joined in the studio by Druey along with despatches from around the podcasting world!
Ok, first off, here’s a clarification on the tax break here in the U.S. that Jen mentioned. From what I understand, Americans don’t have to worry about paying back the stimulus money later because it’s essentially a tax credit of 6.2% of a tax payer’s earned income (up to $400 single/$800 joint filers) retroactive to Jan 1, 2009. Unless of course you earn over $75,000 single/$150,000 joint. So, you won’t have to pay it back later, unless you made too much money. http://www.journalofaccountancy.com/Web/IRSReleasesNewWithholdingTables
Now for unemployed people, from my understanding (and I could be wrong), they would only be able to get the credit on what they earned during the year. If some of that money was from before the withholding adjustments, they can get it when they file their 2009 taxes.
Now for illegal immigrants, this is complicated. It depends on whether they are getting money from some guy at a corner in cash (in which case the tax credit doesn’t help them) or if they are using someone else’s or a fake social security number (in which case it does help them). If they’re using someone else’s Social Security number or faking one, they pay taxes, but they never file taxes so they don’t get any credits and they don’t make much, so they’re usually eligible for a refund (at least if they were legal they would be). By adjusting the withholding, they at least get the tax credit from when the adjustment is made until the end of the year. They just miss out on the credit on the work done before the withholding is adjusted.
Now I’m not sure if Jen is a Federal employee or not because I’m not quite sure who funds her specific position, but most school teachers are not federal employees in the US. My mom, uncle and cousin are all school teachers in California. I could ask them and get the right answer, but I think I’ll make an attempt and Jen can tell me how wrong I am. School teachers work for the school district, which is funded by the state mostly with some local money and some federal money as well. But in the end, it’s the state that is responsible for paychecks, credentials, etc. The federal government only has control over education when the state takes money from the federal government with strings attached like those linked to No Child Left Behind (Which Utah rejected, so they didn’t have to follow it).
Whew! That’s enough feedback for now. I’m not even done with the show yet, but I’m enjoying it so far. Keep up the great work, Tim!