The U.S. government created a Stimulus Act in 2008 in preparation for the looming recession. What did it entail? Who benefited? What was it for? Wrap your head around these tax facts and figures and take this not-too-taxing quiz.
What two letters were sent to people in the U.S. from the Internal Revenue Service (IRS) in 2008?
an explanation concerning tax refunds and a jury summons
an explanation of the Economic Stimulus Act of 2008 and confirmation of eligibility for a rebate
an explanation of the Economic Stimulus Act of 2007 and a letter from then-president George W. Bush
What was the aim of the Bush administration in creating the Economic Stimulus Act of 2008?
to generate more income per household
to return eligibility funds
to encourage consumer spending
What was the difference between a tax refund and the rebate offered under the 2008 Stimulus Act?
The tax refund was not taxable, unlike the tax rebate.
There was no difference; they were the same deal.
The tax rebate was not taxable, whereas the tax refund was.
What was the attitude of economists with the announcement of the 2008 Stimulus Act?
that long-term measures were needed to boost economic growth
that the U.S. government was on the path to economic ruin
that it would solve all the foreseeable economic woes
To be eligible for the 2008 tax rebate, the IRS required U.S. taxpayers to:
disclose all their income sources, file a tax return for that year and pay a nominal excess charge
have a valid Social Security number, a $3,000 income and a filed tax return for 2007
update their Social Security number, have a $4,000 income and file a tax rebate eligibility form
Under the 2008 Stimulus Act, if you wanted to claim children under 17, what did they have to have?
a high SAT score
a Social Security number
a valid driving license
Was a taxpayer living in a U.S. territory, such as Guam, eligible for the 2008 tax rebate?
in most cases, yes
only in rare instances, with special permission
What does the Adjusted Gross Income (AGI) refer to?
one's taxable income less certain deductions
one's taxable income plus the tax rebate figure
one's taxable income at the end of each fiscal year
Regarding income requirements for the 2008 tax rebate, which of these counted towards it?
supplemental security income (SSI) and self-employment income
rental real estate income and pension income
tips, some railroad benefits and wages
What was the 2008 tax rebate figure for married taxpayers who filed jointly?
Under the 2008 Stimulus Act rebate terms, how much could you claim for each dependent under the age of 17?
The IRS tax rebate checks of 2008 were deposited on different dates depending on:
your income bracket
the last couple of digits of your Social Security number
How was the check deposit date determined if the tax return was filed jointly?
It went according to the Social Security number of the first person filed on the tax return.
It went according to the Social Security number of the last person filed on the tax return.
It went according to alphabetical order. The person with the letter closest to "A" was the determiner.
Did it make a difference if you were an "early bird" and filed your tax return early?
depending on your state of residence
During what months of 2008 were the tax rebate checks sent?