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Income

Keroy King
November 07, 2014

 Income

Income, skill growth, grow your skills

Keroy King

November 07, 2014
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  2. 3 www.lifethenfinance.com Food for Thought: n  lFind out what you

    like doing best and get someone to pay you for doing it.z n  Katherine Whitehorn
  3. 4 www.lifethenfinance.com Passion for Life: Ask yourself… n  What am

    I passionate about? n  What do I enjoy doing in my spare time? n  What am I good at? n  What is a dream job that I would love?
  4. 5 www.lifethenfinance.com Difference between a job and a career: n 

    Job: n  You get up and go to work every day and then go home n  You usually receive a wage, which is a set amount you receive an hour. n  Some jobs eventually offer benefits like medical, dental, sick days, personal days, retirement options, etc. n  With a job, most tend to work strictly to make a living.
  5. 6 www.lifethenfinance.com Difference between a job and a career: Cont….

    n  Career: n  This is a chosen profession that you enjoy and want to grow in. n  You also may receive benefits like medical, dental, sick days, personal days and retirement options. n  With a career one tends to pursue a passion and has a love for the profession. n  They work because they love what they do and not to just make a living. n  A career often spills into the rest of your life while a job tends to be one aspect of your life.
  6. 7 www.lifethenfinance.com Career Facts: n  The average person changes a

    career three times in their lifetime. n  The average person changes jobs about ten times in a lifetime. n  In the past people would work for companies their entire life; n  Today it`s different, it is OK to switch jobs to get paid more or to pick up new skills.
  7. 8 www.lifethenfinance.com Resumes and Job Applications: n  A resume is

    your first point of contact with a potential employer. n  When you apply for a job, you tend to fill out an application. n  When you apply for a career or high-paying job you need to have a resume.
  8. 9 www.lifethenfinance.com Writing a resume: n  There is a whole

    industry related to the field of writing resumes. People pay anywhere from $50–$300 to write a resume that helps their client standout among the crowd of potential job seekers. n  This is because many people that apply for one position often times have similar educational or career backgrounds. n  With that it is important to master key concepts in a resume.
  9. 10 www.lifethenfinance.com Job Interview: n  An interview is a chance

    for an applicant to connect-the-dots` between what they`ve done and what they can do for an employer. n  It is important to verbally explain how one qualifies for a job, rather than just using a resume.
  10. 11 www.lifethenfinance.com Interview Tips: n  Research the company n  Arrive

    ahead of time or on time. Tidiness reflects well on an applicant and the reverse holds true. n  Focus on your strength n  Make sure your answers are relevant to the job/career your are applying for. n  Share personal stories to connect with the interviewer
  11. 12 www.lifethenfinance.com Interview Tips: Cont…. n  Illustrate key points with

    stories or examples. n  Question: n  Do you work well in a team environment? n  Answer: n  I really learned to work well in a team environment when I spent the summer in Africa building a school with people from all over the world.
  12. 13 www.lifethenfinance.com Growing & Shrinking industries: n  What is a

    shrinking industry? n  What is a growing industry? n  Why is it important to know about shrinking and growing industries?
  13. 14 www.lifethenfinance.com Growth industries: n  The Bureau of Labor Statistics

    says the top ten industries with the largest projected employment growth between now and 2018 are: 1.  Management, Scientific, and technical consulting services. 2.  Services for the elderly and people with disabilities. 3.  Home health care services 4.  Computer systems design and services 5.  General Merchandise Stores 6.  Offices of Physicians 7.  Nursing care Facilities 8.  Employment Services 9.  Local Government (not including hospitals and education) 10. Full Service Restaurants
  14. 15 www.lifethenfinance.com Shrinking industries: n  The bureau of Labor Statistics

    predicts the following industries have the largest wage and salary employment declines between now and 2018: 1.  Department Stores 2.  Electronic Component Manufacturing 3.  Motor Vehicle Parts Manufacturing 4.  Postal Service 5.  Printing and related support activities 6.  Cut and Sew apparel manufacturing 7.  Newspaper Publishing 8.  Support Activities for Mining 9.  Gasoline Stations 10. Wired Telecommunications Carriers
  15. 16 www.lifethenfinance.com Interests, skills & Careers: n  What are your

    five greatest interests in life? n  What are your five greatest skills? n  Which of the top thirty jobs/careers best incorporate your skills and interests? n  What steps would you have to take to transfer into a job/career in a growing field?
  16. 17 www.lifethenfinance.com Taxes: n  We pay taxes to help pay

    for government services in our country, state and city. n  The government provides services like Public Safety (Police, Fire and Military), Government agencies, Public officials (mayors, state representatives, governors, the president, etc), and welfare assistance.
  17. 18 www.lifethenfinance.com How do we contribute to the government ?

    n  Mostly through our paychecks in the form of federal tax, state tax, social security and Medicare n  The federal tax deductions vary depending on your income. q  Over 60% is used for Defense, Social Security Income and Medicare
  18. 19 www.lifethenfinance.com Terms you need to know: n  Gross income:

    n  Amount of income prior to any tax or payroll deductions. n  Net income: n  Amount of income after any tax or payroll deductions.
  19. 20 www.lifethenfinance.com First federal statutes…. n  The first federal statutes

    imposing the legal obligation to pay a federal income tax were adopted by Congress in 1861 and 1862 to pay for the Civil War. n  The 1862 law levied a 3% tax on incomes above $800, rising to 5% for incomes above $10,000.
  20. 21 www.lifethenfinance.com Consequences of not paying Taxes: n  Tax levy

    n  Fines n  Jail time. n  Example: Wesley Snipes the actor was put in jail for not paying his taxes.
  21. 22 www.lifethenfinance.com Individual taxes: n  Due on April 15th every

    year n  You can choose to do them yourself q  Use software like TurboTax or online q  Use a tax advisor n  ƒƒIf you do the taxes yourself, there`s a risk of missing out on deductions that lower taxes, risk penalties and other consequences.
  22. 23 www.lifethenfinance.com Before you hire a tax advisor, Ask these

    questions. 1.  How many years have you been in your respective field? 2.  Are you knowledgeable in real estate matters? 3.  What are your fees and how do you get paid? 4.  What credentials do you have? 5.  What professional boards do you belong to? 6.  Have you ever had any disciplinary action? 7.  What is your past experience? 8.  What other services do you offer?
  23. 24 www.lifethenfinance.com Paycheck: n  Your paycheck stub will have several

    deductions: n  Tax deductions n  Medicare or SSI deductions, federal, and state deductions. n  Payroll deductions e.g. retirement contributions. n  Also: Net income, Gross income and YTD income are located.
  24. 25 www.lifethenfinance.com W4 Form: n  Each time you start a

    new job or need to change your tax deduction amount you will fill out a W4 form. n  This form tells the government how many allowable deductions you have from taxes. n  The more deductions you have, the lower the amount of taxes that are taken out of your paycheck.
  25. 26 www.lifethenfinance.com Relevance of W4 form to Taxes n  It

    is important to calculate deductions correctly, because if you have to many you may owe on your tax return or if you do not have enough you will receive a refund. n  Sample of a W4 form: http://www.irs.gov/pub/irs-pdf/fw4.pdf
  26. 27 www.lifethenfinance.com Types of Deductions: n  Dependents n  Spouses n 

    Children n  People living with you 50% of the time. n  Assets: n  Houses n  Rental Property
  27. 28 www.lifethenfinance.com W2 Form: n  W2 form is used to

    report wages paid to employees and the taxes withheld from them. n  Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship. n  The form is also used to report FICA taxes to the Social Security Administration.
  28. 29 www.lifethenfinance.com W2 form Deadline n  An employer must mail

    out the Form W-2 to employees on or before January 31. n  This deadline gives these taxpayers about 2½ months to prepare their returns before the April 15 income tax due date. n  Sample of W2 form: http://www.irs.gov/pub/irs-pdf/fw2.pdf
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