Friday, May 9, 2008

Economic Stimulus Calculator...

The IRS has their Economic Stimulus Calculator here: http://www.irs.gov/app/espc/, but it is fairly in depth. Here is an excel spreadsheet I threw together to get an idea of how large (or small depending on your income) the stimulus payment would be. Note that this calculator is overly simple, but assuming you paid taxes in 2007 it should be pretty accurate.

Here is the Excel Spreadsheet. 2008_Economic_Stimulus_Worksheet.xls

The Excel formulas are somewhat complex because of the nested IF statements, but the bottom line is this:

$300 per child
+
$600 per adult (e.g. $600 single filer, $1200 for married, filing jointly)

5% of your income over $75000 for single filers, or 5% of your income over $150,000 if you are married, filing jointly.
=
your Stimulus Payment

Now the question is: if you are getting an Economic Stimulus Payment, are you going to spend it on goods and services, thusly stimulating the economy or are you going to pay off debt? I think I will do mostly the latter, but given that the money will be put back into the banking industry’s hands, that should ultimately stimulate the economy as well, right? And I may buy some landscaping bricks too…

0 Comments:

Post a Comment

<< Home