Summer Job Tax Info
Are you working a summer job? Are you interested in summer job tax info? Here is some information relevant to summer job holders. Click here to read or watch more IRS Help resources.
Students – Summer Job Tax Info
Many students work summer jobs. There is important summer job tax info for teenagers and college students. The first thing you have to do is complete a W-4. The W-4 will determine how much taxes you pay. Even if you don’t earn enough to pay federal income tax, you may still have to pay payroll taxes. Payroll taxes are funds for social security and Medicare.
If you earn under a certain amount you are not required to file a tax return, but may still want to. The government may owe you money. If you are only employed over the summer, your taxes may still be deducted based on you earning that check for the year. You might have a return owed to you.
Summer Job Tax Info if it’s a second job
If you have full-time employment and are working a second job during the summer, you will need some summer job tax info. The first thing to look at is whether this summer employment will raise your tax bracket.
The next thing to look at is much your total taxes will increase. If the second job no longer seems worth it, you should look into further deductions. There are many ways to reduce your taxable income. This could bring back down your tax bracket. One way is to raise contributions to healthcare savings accounts and retirement plans. This income is not taxed.
Summer Job Tax Info on Tips
Sometimes a summer job involves excepting tips. Maybe you are a teacher working as a waitress. Maybe you are a student working as a golf caddy. Regardless of your position, the government does expect you to pay taxes on tips. When you receive credit card tips, your employer may take those taxes out of your paycheck. It is usually up to you to track cash tips.
Attorney Darrin T. Mish
Darrin is a skilled and experienced tax attorney. If the IRS is bothering you, we can help. Darrin knows what you are going through because he has personally dealt with the IRS. Experiencing IRS troubles has made him compassionate and driven. Call 813-229-7100 to get the IRS off your back.