- Don’t be surprised when your employer withholds taxes from your paychecks. That’s how you pay your taxes, and taxes we pay support the place where we live, our state and our nation.
- As a new employee, you’ll need to fill out a Form W-4, Employee’s Withholding Allowance Certificate. Your employer will use it to figure how much federal income tax to withhold from your paycheck.
- All tip income is taxable. If you get tips, keep a daily log so you can report them. Your W-2 form may include tip income, but if your log of actual tips shows less tips, the IRS will permit you to take the lesser amount.
- Some work you do may count as self-employment, like baby-sitting and lawn mowing. Keep good records of expenses related to your work. You may be able to deduct (subtract) those costs on your tax return and lower your taxes.
- You may not earn enough money from your summer job to be required to file a tax return. Even if that’s true, you may still want to file to receive a refund!
Visit IRS.GOV to learn more about tax rules for students, or give us a call at (541) 772-2410.