Tax Powerpoint Ho
Upcoming SlideShare
Loading in...5
×
 

Like this? Share it with your network

Share

Tax Powerpoint Ho

on

  • 2,612 views

 

Statistics

Views

Total Views
2,612
Views on SlideShare
2,612
Embed Views
0

Actions

Likes
0
Downloads
19
Comments
0

0 Embeds 0

No embeds

Accessibility

Upload Details

Uploaded via as Microsoft PowerPoint

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Tax Powerpoint Ho Presentation Transcript

  • 1. Taxes
  • 2. W4  Filled out by an employee when they start work.  Why is withholding good?  How many deductions should you take?  Claiming “exempt”  Extra withholdings  Advice: File 0 deductions!
  • 3. Where do I get info to file taxes?  W2 from each employer  1099INT from each place that paid interest to me
  • 4. How many dependents?  Either you or your parents can claim you, NOT BOTH  Who provides more than half of the support for a person?  Often, “who can claim” is negotiated in a divorce settlement.  If 2 taxpayers claim, whoever files first gets the deduction, unless you fight it.
  • 5. Earned Income Credit  A reverse tax -- the government pays you!  Rules: – Income must be “earned” – No more than $2950 in investment income – Must either have a child or be at least 25 – Income less than $12,880 ($15,880 for married filing jointly) if no children – Income less than $33,995 ($36,995 for married filing jointly) if 1 child – Income less than $38,646 ($41,646 for married filing jointly) if >1 child
  • 6. You should file if . . .  If you are unmarried, and earned over $5450, OR  If your “unearned income” is more than $900, OR  If your earnings from self-employment were $400 or more
  • 7. If you had more money withheld  than you owe, then you don’t have to file -- you can let the government keep the extra!  (Bad idea!)
  • 8. Working “under the table”  Definition  Advantages  Disadvantages – Huge penalties – “attaching” assets – jail
  • 9. Which form?  1040EZ if – Single or married filing jointly – No dependents – Earn less than $100,000 – Under 65 and not blind – No itemized deductions – Not more than $1500 of taxable interest
  • 10. Which form?  1040A if – Earn less than $100,000 – No itemized deductions  Otherwise . . . – 1040
  • 11. Mail FEDERAL tax forms to:  Department of the Treasury  Internal Revenue Service Center  Andover, MA 05501-0014