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The Richest Man in Babylon

The Richest Man in Babylon

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The Richest Man in Babylon

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  1. The Richest Man in Babylon • Seven Cures for a Lean Purse

  2. Rich Dad Poor Dad • 2 Corinthians 6:2 • New International Version (NIV) • 2 For he says, • “In the time of my favor I heard you,and in the day of salvation I helped you.”[a] • I tell you, now is the time of God’s favor, now is the day of salvation. 10/07/13 LTAF 2

  3. Rich Dad Poor Dad • List 3 items of note from last week’s reading • Write them down. • Why are they notable? • Share with 2 others in a group of 3. • Share out to the group. • How have these items, the reading, other items affected your thinking about finances? 10/07/13 LTAF 3

  4. Tax Workshop KWL • What do you already know about Federal Taxes? • What do you want to know about Federal Taxes? 10/07/13 LTAF 4

  5. Forms - Handout • 1040 EZ • 1040 A • 1040 • 1040X 10/07/13 LTAF 5

  6. 1040 EZ • 1. Your filing status is single or married filing jointly • 2. You claim no dependents • 3. You, and your spouse if filing a joint return, were under age 65 on January 1, 2014, and not blind at the end of 2013 • 4. You have only wages, salaries, tips, taxable scholarship and fellowship grants, unemployment compensation, or Alaska Permanent Fund dividends, and your taxable interest was not over $1,500 • 5. Your taxable income is less than $100,000 10/07/13 LTAF 6

  7. 1040 EZ • 6. Your earned tips, if any, are included in boxes 5 and 7 of your Form W-2 • 7. You do not owe any household employment taxes on wages you paid to a household employee • 8. You are not a debtor in a Chapter 11 bankruptcy case filed after October 16, 2005 • 9. You do not claim any adjustments to income, such as a deduction for IRA contributions, a student loan interest deduction, an educator expenses deduction,or a tuition and fees deduction • 10.You do not claim any credits other than the earned income credit • If you file Form 1040EZ, you cannot itemize deductions or claim any adjustments to income or tax credits (other than the earned income credit). 10/07/13 LTAF 7

  8. 1040 EZ • 6. Your earned tips, if any, are included in boxes 5 and 7 of your Form W-2 • 7. You do not owe any household employment taxes on wages you paid to a household employee • 8. You are not a debtor in a Chapter 11 bankruptcy case filed after October 16, 2005 • 9. You do not claim any adjustments to income, such as a deduction for IRA contributions, a student loan interest deduction, an educator expenses deduction,or a tuition and fees deduction • 10.You do not claim any credits other than the earned income credit • If you file Form 1040EZ, you cannot itemize deductions or claim any adjustments to income or tax credits (other than the earned income credit). 10/07/13 LTAF 8

  9. 1040 A • 5. Your taxes are only from the Tax Table, the alternative minimum tax, recapture of an education credit, Form 8615 (PDF) or the Qualified Dividends and Capital Gain Tax Worksheet • 6. Your only adjustments to income are the IRA deduction, the student loan interest deduction, the educator expenses deduction, the tuition and fees deduction, and • 7. The only credits you are claiming are the credit for child and dependent care expenses, the earned income credit, the credit for the elderly or the disabled, education credits, the child tax credit, the additional child tax credit, or the retirement savings contribution credit 10/07/13 LTAF 9

  10. Who Should File? 10/07/13 LTAF

  11. Terminology • Exemption' - $3900.00 • A deduction allowed by law to reduce the amount of income that would otherwise be taxed. An exemption is based on a status or circumstance rather than economic standing. • There are two types of exemptions: personal and dependency. • Standard Deduction Rates. The applicable standard deduction rates for 2013 are $12,200 for married taxpayers filing jointly; $8,950 for head of household; $6,100 for individual taxpayers and $6,100 for married taxpayers filing separate. • Itemized Deductions. The limitations on itemized deductions (the Pease limitations) kick in at $300,000 for married taxpayers filing jointly, $275,000 for head of household, $250,000 for single taxpayers and $150,000 in the case of a married individual filing separately. 10/07/13 LTAF 11

  12. W2 10/07/13 LTAF

  13. 1099 R, Misc, OID 10/07/13 LTAF

  14. Forms • Schedule A • Schedule C • Deductions • Credits • Free File • Tax Act 10/07/13 LTAF 14

  15. The Richest Man in Babylon • Seven Cures for a Lean Purse