THE DETROIT JEWISH NEWS
;1040
Dedeartooette of Use Tanury—Internal Revenue Samoa
Individual Income Tax Return
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Form
4860
Omer payrnenli
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Reti remelt Savings Accoun !, ► L. . _ , _. . _ . _. .,. . „ _ ._,.
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at Standard Federal Savings!
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ALNCE 0 11E
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Mon i ne 20. eme,
Amount
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ERPAID
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TO YOU
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Any wage earner who is not a participant in
a retirement or profit sharing plan may set
up an IRA. This includes:
Individual Retirement' Accounts
can save you money! .
An Individual Retirement Account (IRA) is a personal
tax-sheltered retirement savings plan for people who
are not covered by a pension or profit sharing plan. The
IRA plan allows you to deposit up to $1,500 annually or
15% of your earned income, whichever is less, in a tax-
sheltered savings account. Your annual deposit is de-
ductible from your gross income when computing your
Federal Income Tax and your IRA savings account
interest is tax-deferred until you redeem your account.
•
Individuals working for firms that do not 'have penSion or
profit sharing plans.
41 "new" employees who do not qualify for a pension plan at
their place of employment.
•
self-employed persons who. prefer an IRA to a Keogh pian.-
•
employees leaving a pension or profit sharing plan can roll-
over into an IRA account.
How Individual Retirement Savings Accounts -grow compared to normal savings accounts
INTEREST
RATE
5 1/4%
61/2%•
1 yr. Certificate
7 3,4 % •
6 yr. Certificate
AFTER 6 YEARS
Normal
IRA
Savtlp)s
510.845
$8.134
AFTER 12 YEARS
Normal
IRA
Savings
$19,257
$25.676
AFTER 18 YEARS
Normal
IRA
Savings
$45,956
$34,467
AFTER 24 YEARS
Normal
IRA
Savings
5 73,689
$55,267
11,347
8.510
28.054
21,040
52.652
39,489
88,870
66,653
11.875
8,906
30.697
23,023
60.529
45,396
107,810
80,858
KEOGH PLAN
The chart assumes wage earner is in the 25% tax bracket and
wants to save $1,500 annually with a deposit in each calendar
year. With IRA the full $1,500 (no tax payable) is deposited
and the interest accumulates tax sheltered until retirement.
Without IRA, the $1,500 pre-tax dollars would be reduced by
taxes to a net deposit of $1,125 and all interest accumulations
would be taxed during the current tax period.
and the interest earned is tax-deferred until you retire.
Income taxes on both,principal and interest are payable
only when benefits are withdrawn from your account.
The Keogh plan allows self-em-
ployed persons to set aside tax-sheltered dollars up to
$7,500 each year, or 15% of your earned income, which-
ever is less. The amount you set aside is tax deductible
Your Retirement Savings Account May Be Opened In Any Of The Following Savings Programs.
We Offer the Highest Rates of Interest
Available on Insured Savings Accounts.
T o One-Year
Savings
Certificates*
,, Regular Passbook
1/(7 "1
Savings Accounts
/4 Per
Daily Interest
Interest is paid and compounded
terly to yield 5 35% annually
Your Savings Insured to
$40,000 with the Federal
Savings and Loan
Insurance Corporation.
STAN
DAR D
FEDERAL SAVINGS
pc ,
$1,000 minimum deposit
'$1,000 minimum deposit
quar -
You simply keep 51.000 or more on de-
posit for t2 months. Interest is paid
and compounded quarterly to yield
6 66% annually
48-Month
Savings
• Certificates*
30-Month
Savings
Certificates*
Just keep 51.000 or more on deposit for
30 months and with interest paid and
compounded quarterly. you receive
6 92% annually
When
72-Month
Savings
Certificates*
$1,000 minimum deposit
$1,000 minimum deposit
you deposit 51.000
or more in ow
Certificate Savings Account for 48
months. interest is paid and compound-
ed Quarterly to earn 7 71% annually
7 , : ° .
To earn the highest rale of interest, de-
posit 51.000
or more for 72 months.
Interest is paid and compounded quar-
terly to yield 7 98% annually.
*You can withdraw your money at any time. However, in accordance with federal regulations on all certificate accounts, a substantial interest penalty is required for early
withdrawal. The withdrawn funds will lose 90 days' interest, and in addition the interest on the withdrawn funds will be recalculated froM the original term of the certificate at
the then-current regular passbook interest rate.
People
help
PeoPle
50 West Big Beaver, Birmingham
99 West Maple, Birmingham
825 West Long Lake, Bloomfield Hills
3700 West Maple, Bloomfield Twp.
25950 Middlebelt, Farmington Hills
1310 Rochester Road, Rochester
1406 North Woodward, Royal Oak
29405 Greenfield, Southfield
25123 Southfield, Southfield
2401 West 81g Beaver, Troy
2699 West Big Beaver. Troy
940 East Long Lake Road, Troy
645-1500
647-6800
642-7743
647-1505
477-2110
652-2720
547-5900
559-7010
559-4720
643-9600
643-740C
689-4550
tVisto
17540 Grand River. near Southfield
25712 Grand River neat Beech Road
14221 Greenfield near Grand River
10641 Joy Road at Manor
24224 Joy Road near Telegraph
16841 Schaefer Road near McNichols
186 Main Street, Belleville
44101 Ford Road. Canton Township
5811 Middlebelt Road. Garden City
17230 Farmington Road, Livonia
2069 Rawsonville Road. Van Buren Twp.
35150 Michigan Avenue, Wayne
838-2950
535-4880
273-4606
933-7664
538-717t
342-1900
697-8033
981-1685
522-6300
261-7900
481-0600
721-8000
315 South Wayne Road, Westland
123 West Michigan. Ypsitant,
326-8020
482-7566
EnBI
14621:1 East Jefferson at Manistique
16530 East Warren near Outer Drive
11511 Kelly Road at Whittier
25501 Harper, St Ctair Shores
4660 Twenty-Four Mile Road, Shelby Twp
3900 Fourteen Mile Road. Warren
30700 Schoenherr, Warren
821-3085
884-0140
371-9450
771-2200
731-0000
268-3700
779-0800
Downtown Deiro:i
405 Griswold at Jefferson
965-4774