Feb 17 (Reuters) - The $787 billion U.S. economic stimulus package contains about $287 billion in tax cuts, according to the latest congressional calculations on the value of the package and its impact on U.S. budget deficits.

President Barack Obama signed the bill on Tuesday, saying he wants quick action to boost the struggling economy.

Here are some of the major tax provisions in the bill:

FOR WORKERS, CONSUMERS AND RETIREES

* A "making work pay" refundable tax credit championed by Obama of up to $400 per individual and $800 for couples in 2009 and 2010. It is calculated at a rate of 6.2 percent of earned income and is phased out for individuals with adjusted incomes over $75,000 and couples with incomes over $150,000.

* A one-time payment of $250 to Social Security beneficiaries, railroad retirees and veterans receiving benefits from the Department of Veterans Affairs. State government retirees not eligible for Social Security would also get the $250 payment.

* Increases the earned income tax credit for low-income workers with three or more children.

* Increases eligibility for the refundable child tax credit to more low-income workers. The bill reduces the income floor to $3,000 in 2009 and 2010 from the current floor of $8,500.

* A new $2,500 tax credit for college education expenses. The credit phases out for individuals earning more than $80,000 and couples with incomes over $160,000.