Many students get summer jobs. It’s a great way to earn some
extra spending money or to save it for later use. Below are some tax tips for students who have
summer jobs:
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| Tax Tips For Students |
- Withholding and Estimated Tax payments. If you worked as an employee, your employer will normally withhold taxes from your paychecks. If you are self-employed however, you may be responsible for paying taxes directly to the governments. One way to do this is by making estimated tax payments on set dates during the year. Basically, this is how our pay-as-you-go tax system works in this country.
- For New Employees. When you get a new job, you will need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Employers use this form to calculate how much federal and state income taxes to withhold from your paycheck.
- For Self-Employed students. Any money you earn when working for others is taxable. These can be works like baby-sitting or lawn care for your next door neighbors. You need to keep good records of your income and expenses related to your work. You may be able to deduct some of those expenses on your tax returns. A tax deduction normally will reduce the taxes you pay.
- Tip Income. If you worked in a restaurant, you will receive some tip incomes. All tip incomes are taxable. You will need to keep a daily log to report your tip incomes. IRS requires that you must report $20 or more in cash tips received in any single month to your employer. You must also report all of your yearly tips on your tax returns.
- Payroll Taxes. You may earn too little from your summer job to owe any income taxes, but your employer usually must withhold Social Security and Medicare taxes from your paycheck. If you’re self-employed, you may have to pay all of these taxes by yourself. These count for your coverage under the Social Security system.
- We can help. You may not earn enough money to be required to file a tax return, you may, however, still want to file your tax return. For example, if your employer withheld income taxes from your paycheck, you will have to file a return to get your withholding back. We can help you to file your return to get the refund. Our price is very reasonable.
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| Withholding Back |
Your comments and feed backs are welcome.
Source: www.irs.gov.
Email:
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By taking the help of the professional tax Services in USA, you can steer clear of your financial concerns with a greater ease. The reputable tax consulting hubs have a team of professionals who are equipped enough to guide and help people obtain maximum reduction in the tax amount one owes.
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