01WhiteCobra
04-12-2008, 12:21 AM
WASHINGTON – The federal tax bill for President Bush and his wife: $221,635.
That's how much the Bushes owed on their 2007 adjusted gross income of $923,807, according to a joint return released Friday.
The Bushes have paid $203,894 so far, which means they'll need to break out the checkbook – they owe the government $17,741.
Their income total includes a $150,000 advance received by Laura Bush for the children's book she co-authored with her daughter, Jenna.
Last year, the president and Mrs. Bush paid $186,378 in federal taxes on their income of $765,801.
Mr. Bush's salary as president is about $400,000.
The White House also reported that Vice President Dick Cheney and his wife, Lynne, had an adjusted gross income of $3.04 million in 2007.
The Cheneys owed $602,651 in federal taxes on that income. They have paid $466,165 through withholdings and estimated tax payments, and will pay the remaining $136,486.
The Cheneys' income includes the vice president's salary, about $212,000, and a pension he gets as a former director of Union Pacific Corp. It also includes Lynne Cheney's book royalty income, her salary from the American Enterprise Institute and a pension she gets as a former director of Reader's Digest.
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Now, the interesting thing... maybe a CPA can help me... if you don't pay 90% of your taxes in a given year, when due, don't you have a penalty? If so, it appears the Cheney clan may owe some penalty and interest. Although I guess they get a break if they paid at least 110% of what they paid last year.
That's how much the Bushes owed on their 2007 adjusted gross income of $923,807, according to a joint return released Friday.
The Bushes have paid $203,894 so far, which means they'll need to break out the checkbook – they owe the government $17,741.
Their income total includes a $150,000 advance received by Laura Bush for the children's book she co-authored with her daughter, Jenna.
Last year, the president and Mrs. Bush paid $186,378 in federal taxes on their income of $765,801.
Mr. Bush's salary as president is about $400,000.
The White House also reported that Vice President Dick Cheney and his wife, Lynne, had an adjusted gross income of $3.04 million in 2007.
The Cheneys owed $602,651 in federal taxes on that income. They have paid $466,165 through withholdings and estimated tax payments, and will pay the remaining $136,486.
The Cheneys' income includes the vice president's salary, about $212,000, and a pension he gets as a former director of Union Pacific Corp. It also includes Lynne Cheney's book royalty income, her salary from the American Enterprise Institute and a pension she gets as a former director of Reader's Digest.
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Now, the interesting thing... maybe a CPA can help me... if you don't pay 90% of your taxes in a given year, when due, don't you have a penalty? If so, it appears the Cheney clan may owe some penalty and interest. Although I guess they get a break if they paid at least 110% of what they paid last year.