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i* Money Wednesday, March 4, 1987 ?/ 3 * ??>?r tit I Withholding H Coffprt? ;v' D?87 <*8?aaK?&s!? ?H^rrr:.. ""7.'" Instructions for Form W-4 ?;?r~ V---3 . " ** ' ?* **- .* **'>** Z%~' . "w^? **? ?? |W? *m? i??y?VPv ' ?? ?? .. 't-v ' _' ..." j *?? ><?* <>r-t>v * . . *H??U.?.Twni #>*? " ***?#<)* wMM^iiinif '* v ,v " ?h?T*? ' #-? ? *** ?V ?** \ ?* >. * ??>? rr?- >iv.?\wtu-ji WKjH W I M I D+ K*< C?<npt?t? IM t o?^' '? " !*?** ,? ***+'*? . " .' i**,* ?*(.?>*?-? "MW . - "x . ... , . - .>..? c*< * <*-? * * ' ? H* ' I^vV?J?wl Vo-.' r>T"^^ujr^.Vj ^ 'TV ? < ? !? V ^ * v ' s*vm^I?>.. r" ,v..'* f%\*\ % W 4 | Cmp*oy?? ?WU^o?<M?g Aflov??nc?Ct?fllic.iJl? ".!" V, t?, ?W< >?<? #-y P* <*? \ ***** *".. r* *'".'A S . - L J ? ^ flHHH^HnBni THOMAS HUMPHREY/Th* BmKock Students can get W-4 forms from the Internal Revenue Service in the Strom Thurmond Building on Assembly Street. Additional worksheets to determine the withholding status can be ordered by calling 1-800-424-1040. j seniors! J f SENIORS! Don't forget to sign up for the i / organizations listed below. Sign up is in the \ ) Placement Office, 6th Floor, H. William Close ( J Building, and the deadline is 7:00 P.M., C S Thursday, March 5, 1987. / r Builders Transport \ 1 Clark Checks I I Federal Bureau of Investigation / { First Investors 1 / Hit or Miss V ) J.B. White's I \ NCH Recruiting Group ) a \ The Comptroller of the Currency ) f Touche Ross \ ) US Army Club Management Programs I THE BIG 46 oz 0 SPRING BREAK GUZZLER an Xtra large f%0' !'. % fi;l tumbler filled 10 ; ^r-n with soda for Icriiii 894 a viable 1 CiW^ ^ I IBakerStreet & SummerFields in the Carolina Mall. I ^ , ___ | I i liAtmsaMSSB nT"iiTiiiTiiri i , Sturlnntc m mm Ml IK By CANDY M. BARR Money editor Working students should make sure they get a withholding allowance form, better known as the W-4, from their employers, fill it out and get it in as soon as possible to avoid having to pay back money, an Internal Revenue Service agent said. Being a student does not guarantee exemption, Columbia IRS agent Hank Chardos said. Line 6-C of the W-4 pertains directly to students. "Students should look at that question as far as the year is concerned," he said. "The bottom line is that everyone has to detemine whether they are liable for income tax. So whether you're a student or whether you are 70 years old, the law provides that, depending on how much gross income you make, if von excepH a rprtnin vrm will hf? subject to incomc tax," Chardos said. The maximum amount a student can make while exempt is $3,560 a year. Students face problems when filing if they were not continually employed, Chardos said. "They may have one job that will last several weeks and another job that lasts several months," he said. Chardos said students should look at all of the jobs they have had during the year and combine all income sources, such as interest on a savings accounts and portions of their grants, to sec if they are subject to incomc tax. Starting this year, tax laws concerning grants, scholarships and fellowships have changed. uniy cosis lor luiuon ana Dooks can be excluded from scholarships and fellowship totals. Cost for housing and food will be a I $ EARN CA: j Plasma donors of all blood types ! up to $1 60.00 per month for 3 h( of your time. Earn while you l< j more information. Qr*) Serologicals, )f 2.719 Middleburq Dr. 1 Serologicals Columbia. S C 29 254-6537 Tl Anywhere Greyhound goes. Musi present a valid college student I I) ?.urd Inc., and other participating carriers, (ieriain restru ay owe IRS part of a student's taxable income. Chardos said students who work part time and get grants may be surprised to learn they owe money because they did not consider the housing and food portions of financial aid when filling out their W-4s for the part-time job. "The W-4 form is an ability for employees to pay as they go, so if they're getting a salary from their employers, they also have amounts being withheld for federal income tax purposes," Chardos said. The l ax Act of 1986 took effect on Jan. 1, ana Chardos describes the changes as "illuminous" because they will effect everyone. "The big difference between the old W-4 forms and the new W-4 forms is that the old W-4 was basically counting the number of people you were supporting or the number of mouths you were feeding," he said. "Now the new W-4 will be taking this into consideration, plus your itemized deductions, tax credits and wages that your spouse may have from another job." Chardos said the IRS wants people to think in terms of "withholding allowances" instead of "exemptions. "The new W-4 will not equate to the number of dependents you are claiming on your 1040, and that will be a real big change from before," he said. For example, a family of four will not automatically assume four withholding allowances. Due to child-care credits and itemized deductions, the family of four could claim seven allowances. Chardos said although people are not allowed to claim more withholding ? ? r r? y | <t? I Clas: ^ n 4> The Youn needed. Earn We invite ^ :>urs per week Consultation 3arn. Call for Aflordal: ; Reprcsentir Norman Hiltor ,nc- ^ ".U.to *05 yp 20-1 I Clas lis snrin iHtiBLflL a break Fi * VI W /H B8P*r //, jyjBBBHBS flfiFPjixSHmiMIL'B V < / t M^mmEE gg^ aemww fig Hf /// SPSfmBBB. 'S I z/L fMBBsB& H I . / H jaR Bgjm W V/' fiM ' BfB . -; This Spring Break, cat I the beach, the mountains, 01 For just $89 round trip, you will have a great time where1 Of GO GREYHOUND JBwAm leave the driving to us! Greyhound 1220 Hlanding St. 779-0650 upon purchase No other discounts apply. Tickets are noniransfera lions apply ()ller diet live 2 I K7 through (^IS/K7 ()llcr limited N for 1987 allowances than they are entitled to, they can claim less. Many conservative taxpayers, who would rather get returns than pay back, tend to claim less. "By law, an individual can claim fewer withholding allowances, so if the worksheet says that 1 am entitled to two withholding allowances, 1 can claim zero," Chardos said. However, Chardos warns that people who just write zero withholding may not always be entitled to a return because of their individual situations. They may have enough dividend income, trust income, or interest income to actually owe the IRS at the end of the year. Chardos said this is the reason why everyone should sit down and work out the worksheet. "Regardless of what their filing status was, lau/ oil O m am *** ? ? ~ ? ? vsj ?> < UI1 Viii|yiu;v,u aik It^UlIl'U IU 1IIC U I1CW W-4 by Oct. 1. "It gets a little academic to file on Oct. 1 because three-fourths of the year has already gone by, and your withholding allowance will not have been correctly computed. That's why the IRS is trying to encourage employers to distribute the W-4 to their employees early," Chardos said. Students with questions about their individual W-4 can call 1-800-424-1040 or come by the IRS office in Room 653 of the Strom Thurmond Federal Building on Assembly Street. Or they can order two free publications entitled "Is My Withholding Correct?" ? number 919 and "Tax Withholding and Estimated Tax" ? number 505 by dialing 1-800-424-3676 r f^lnthiprQ Vn ^>1*^ -V > AVy tA liv-i XV/ g Career Gentleman bu in for a Complimentary on I low to Build an Effective, ile Wardrobe for Success. ~i? the finest lines, including 1, Corbin and Kenneth Gordon. ranafr^tDlumgg sii Clothiers To Gentlemen 1 *07 W.uw Sluvt \ . < oIuiuIm.i South I .Mo'iin.i 2V*20\ .?.* ; J a*. fortt. ^, ch a Greyhound'" to r your hometown, and your friends ver you go. ) i ble and good for I ravel on drey hound Lines, ioi valid in Canada. 19K7 (ireyhound Lines, Inc