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Sorry Kids! You May Have To Pay Taxes On Your Summer Jobs!

One of my teens starts her baby sitting gig tomorrow. This tax consultant’s heart swelled up with pride when she asked if there would be taxes on her earnings! Well, wish I could say “no”!

So if you are or you know a student on their first summer job, these are somethings you need to remember:

1. Every new employee has to submit a Form W-4. This is an Employer’s Withholding Certificate, telling them how much you want taken out in taxes from your pay. You can use the Withholding Calculator on irs.gov to help fill out this form.

2. If the employer does not withhold taxes from your pay, you may be liable to send in your Read more

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