The gamecock. (Columbia, S.C.) 1908-2006, April 08, 1987, Page 3, Image 3
Money I
Wednesday, April 8, 1987 ' 3 J
Most students 1
taxes for 1987,
By CANDY M. BARR
Moacy editor
Most students who work part time will see a
reduction in their 1987 taxes, says an IRS
spokesman.
"A single student won't even have to file a return
if he is making $4,440 or less," IRS Public Affairs
Officer Michael Quinn said.
The maximum amount students can make in 1988
without filing is $4,950 and in 1989, $5,000.
"I think once they (taxpayers) find out that these
figures are going up and up, many will find out that
they will drop off the tax rolls completely," Quinn
said.
I The IRS estimates about 6 million people nationwide
will no longer be required to file tax returns.
"The old filing status was a lot less ? $3,560.
"That's going to be the biggest advantage on the
front end," Quinn said.
But because the new laws are defined as
*4r^v#>nii*>_nMitrnl " thev ar? desioned not to collect
more money, but to shift the burden of tax
collection.
"We've got the same number of dollars coming
in, but the scales are tipping differently. The corporate
side will pay a little more, and individual side
will pay a little bit less."
Quinn said because most students will fall on the
I individual side, instead of the corporate side,
students should pay less.
Quinn said if a student thinks he will make less
than $4,440 in 1987, he should claim exempt status
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withheld, but he should be careful because if he
does exceed the amount, he is subject to income tax.
"If you put exempt status on your W-4 form and
Career Center offers indi
By CANDY M. BARR Ralcy said nov
Money editor * students to write
hnu/ tr? cnmmor nr n#?vt 1
V/11V~IV/~VI1V OUTIVV VII nwr? tlMiiuiivi v? Itv/tb 4
^ improve your resume and Raley's first
workshops providing resume tips resume preparati<
are available at the Career two-hour worksti
Center, says a Career Center "Don't have
spokesman. don't try to be ci
"Colored pap<
Mike Raley, the alumni assis- no-no. It doesr
tant director, said the resume sional." He sai<
critiques are held from 2 p.m. to use colored pap
9 n.m. everv Wednesday at the Dick a conservat
Career Center on the sixth floor grey, beige or of
of the B.A. Building. A student
^ can sign up for the resume To participate
^ workshop at the same place. Raley said stud<
Him in MiranitnT
CAROLINA PR(
PRES
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Monday 6 7*??PM *AI
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Tucwtey T Noon* IMP* Cr
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WrdneuUy* 7A*)OPM ti
7 JO PM Lj,
Thunday* 1000 AM l>?
ft
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7 A V )0 PM -K
Kriday 10 1000 AM St
4 CO rM
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will pay less
IRS predicts
that Hnllnr nmmint thnn nil of a Kiiddpn ?
bam ? you're going to get socked with a great big
bill. You'll end up having to pay tax," Quinn said.
Quinn said depending on the individual situation,
a person who does claim exemption, but exceeds the
level will probably have a penalty for not paying the
proper amount of taxes.
The new law requires that a taxpayer pay at least
90 percent of the income tax due from withholding
on his paycheck.
If a student is not sure if he will exceed $4,440,
Quinn suggests the student have the tax withheld
from his paycheck anyway. If he does not go over
the level, the student could then file a tax return and
get the money back.
Another change taking place in 1987 taxes is that
only portions of stipends and grants for students
mi . r a i. c i : 1
win remain lax iree. Amuums useu ior uuusiug uuu
food during the school term will serve as taxable
income.
People who file the 1040 EZ will not be able to
deduct for charitable contributions under the new
tax law. Only itemizers will be able to deduct those
contributions.
44If the tax brackets have been reduced, the value
of a charitable contribution, or any deduction for
that matter, is somewhat less."
Quinn said the highest tax bracket under the new
law is 28 percent, compared to 50 perccnt under the
old law.
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May to help taxpayers adjust to new laws.
Quinn said these publications will be especially
helpful to the senior planning to make a large
amount of money.
ividual resume critiques
v is the time for bring typed, rough drafts of their
a resume for the resumes to the office and sign up
/ear. on the waiting list.
suggestion for Graduate students and the
on is to go to the Career Center staff will offer tips
iop. to improve the resume's content
any typos, and and appearance.
ite," Raley said.
cr is definitely a To attend the workshops,
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I I iuuk piuics- i\aifc) saiu aiuutius jusi uwu iu
i if students do come as they are.
er, they should One more workshop is left in
ive color such as the semester. It will be held April
'f-white. 14 in Room 634 A of the B.A.
Building. Several additional
i in the critique, workshops are planned for the
;nts just need to fall.
DGRAM UNION
ENTS
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Comparison of 1986 Law am
|9<6 Tax Uw
Individual ux rates IS raw bracks* from II percent
to 50 percent, adjusted
(indexed) for cost-of-living in
creases eacn year.
Personal exemptions $1.080. lode*?<l exemption
if elderly or Wind)
Sundard deduction
Single $2,490. Indexed
joint return >3,670, indexed
; Head* of household $2,460, indexed
imrmiu*
Dividend exclusion 1)00
$200 if joint return
Unemployment compensation Taxed if Adjusted gross income
it over ? certain amount
ba?<d on filing status
Capital gains 60 percent exclusion
KuAuilUn flu > xiiurLut t U tA <1 Mh
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couple when both work allowed
Individual Retirement Un to $2,000 can be deducted
Arrangements (IRAs) whether or not taxpayer* have
company pension plftttt.
' >
i
i
Moving expenses Deductible
Charitable contribution* Deductible for both itemum
ktul (UwllMnlMM
Sate? <ax Deditctlbk
Consumer Interest DeductIbte
Medical expense# Deductible above 5 percent of
adjusted gross Income
Mtu*Haneou? expenses Fully deductible
(profesiional public?flora,
work clothes, etc.)
ordinary ana nccemry bwauctiote
business tm-aW and entertain
merit expenses
Earned income credit Maximum earned income:
Si 1,000
Maximum credit: $550
Political contributions Limited credit for one-half of
c?$? oootrtlwtlofl#
Incomc averaging t.ow^ux f^tax^tyert who
recent wars
Uutmvtd income Of ?hii? T axed tu child's Ux mm
drtn under age 14 ???w ww?f iax rw?
Jj^ljjgrity mmrtwr for Not required
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IFbYUM
APR]
GAME
I CAREER PANEL OF
USC UNDERGRADUAT
ALUMNI
SMALL GROl
WITH SPEAKE
jft| Refreshments following
1 Tax Reform Act of 1986
'
: i-A
nr>T?u. I9M.WI Bqm4 '.
5 rate bracket* from 11 per- 2 rate brack**, 1$ pc?*t* .> >
cent to W.5 percent and 28 percent. Indexed
., , ^ g& a Jj
$1,900 (no extra exemptions %\,950 (increase* to <2,090 In .%:!
for elderly or Wind) 1989, indexed themft?f~1? J?
extra exceptions for etderiy
<*WI*d)
;/j.
$2,540 (an additional $750 If $3,000, Indexed <on additional
elderly or Wind) $750 If elderly or Wind)
12,760 (an additional $000 If $5.000. Indexed (an addtUOnitl
eldetly or Wind) $600 if eldetly or Wind)
$2,540 (an additional $7J0 if $4,400, indexed (an additional >1
??* ?,, 11
v \V 1 / if
' V * ' "I
m7Tw Law ttixS rkyxwd ;y,^:, gl
~"ww
Fatty taxed
.' <-/ ;. '''&M
; '
Exduslon repeated (Taxed as Ofdinary income)
ProvWon leper.led
Ait tAxMfrtr* with tamed Income rtuv make deductible or * -,:?4
rWndeJSibtecontributtojSlolSrtr iW U^SKjOOO
deducted for ihcwe vith<xrt company pension plan*. Taxpayers
trendy covered by ? pttn am deduct up to *2,COO,?* (Mi m , ;|?l|
their ftdjmted grow income U 125,000 or k? (WO.OTJO of to*
for joint flien). Partial deduction# are av*ft*bte for AOt ?H> to :
110,000 mow than those timui. All IRA inmt* itaum tax m
deferrrd.
Deductible MHemlMa deduction
- : " - V
Deductible only for itwnitttrs
Deduction rtpeftled jj
Deduction phases out
l>ed?*ctib!c above 7.5 pcrctnt of adjusted grow income
Ocwralty. dedwcilbk above 2 percent of Adjusted trim iocoma I
\
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mp?smxd*Axtm
- \j||
. : , ^1
Maximum earned income: $15,432
Maximum credit: $851.20, indexed
1 :
Credit repeated
Provitkm repealed
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P^S^-SSi- i
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g Your I
jstions I
To I
\ MTrn-rr I
I A 1AV-JA X A Hi
IL 8, 1987 I
?0-9:00 i
5RELL 250 j
PANEL DISCUSSION |
E HOW I GOT MY JOB? ^
WHAT I DO IN MY JOB? |j |
JP DISCUSSIONS I
RS AND FACULTY
Door Prizes j?|
\