Tax Powerpoint Ho

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Tax Powerpoint Ho

  1. 1. Taxes
  2. 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. 3. Where do I get info to file taxes?  W2 from each employer  1099INT from each place that paid interest to me
  4. 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. 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. 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. 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. 8. Working “under the table”  Definition  Advantages  Disadvantages – Huge penalties – “attaching” assets – jail
  9. 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. 10. Which form?  1040A if – Earn less than $100,000 – No itemized deductions  Otherwise . . . – 1040
  11. 11. Mail FEDERAL tax forms to:  Department of the Treasury  Internal Revenue Service Center  Andover, MA 05501-0014

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