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IRS Offers Tips for Teenage Taxpayers with Summer Jobs


Students and teenagers often get summer jobs. This is a great way to earn extra spending money or to save for later.


The IRS offers a few tax tips for taxpayers with a summer job:

1) Withholding and Estimated Tax. Students and teenage employees normally have taxes withheld from their paychecks by the employer.

 

Some workers are considered self-employed and may be responsible for paying taxes directly to the IRS. One way to do that is by making estimated tax payments during the year.

2) New Employees. When a person gets a new job, they need to fill out a Form W-4, Employee's Withholding Allowance Certificate. Employers use this form to calculate how much federal income tax to withhold from the employee's pay.

 

The IRS Withholding Calculator tool on IRS.gov can help a taxpayer fill out the form.

3) Self-Employment. A taxpayer may engage in types of work that may be considered self-employment. Money earned from self-employment is taxable. Self-employment work can be jobs like baby-sitting or lawn care.

 

Keep good records on money received and expenses paid related to the work. IRS rules may allow some, if not all, costs associated with self-employment to be deducted. A tax deduction generally reduces the taxes you pay.

4) Tip Income. Employees should report tip income. Keep a daily log to accurately report tips. Report tips of $20 or more received in cash in any single month to the employer.

5) Payroll Taxes. Taxpayers may earn too little from their summer job to owe income tax. Employers usually must withhold Social Security and Medicare taxes from their pay.

 

If a taxpayer is self-employed, then Social Security and Medicare taxes may still be due and are generally paid by the taxpayer, in a timely manner.

6) Newspaper Carriers. Special rules apply to a newspaper carrier or distributor. If a person meets certain conditions, then they are self-employed.

 

If the taxpayer does not meet those conditions, and are under age 18, they may be exempt from Social Security and Medicare taxes.

7) ROTC Pay. If a taxpayer is in a ROTC program, active duty pay, such as pay for summer advanced camp, is taxable. Other allowances the taxpayer may receive may not be taxable, see Publication 3 for details.

Avoid scams. The IRS will never initiate contact using social media or text message. First contact generally comes in the mail.

Feel free to give us a call if you have a question about this particular topic or issue or if you need help or want to get started on tax planning for 2017 already!  If you have comments on the information in these articles, as usual feel free to call our offices.
 

Don't hesitate to call us if you need help or want to get started on tax planning for 2017 already!  If you have comments or questions on the information in these articles, as usual feel free to call our offices.  Thanks!  Charlie

 

     

     

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As always you can call our offices if you have any questions about these or any other accounting, tax, financial planning or Quickbooks related issues, at 281-993-4530. 

 

Regards, Charles S. Wilson, CPA/CFF, CGMA, CBEC

Certified Public Accountant

Certified Business Exit Consultant

 

 

       
   
       
 
       

       

Charles S. Wilson, CPA/CFF, CGMA | Charles Wilson, LLC | 307 S. Friendswood Dr, Ste B-2
Friendswood, TX 77546 | 281-993-4530 (O) | 866-567-3975 (F) | charlie@wilsonaccounting.net