Wednesday, July 5, 2017

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Teens Taxpayers-Jobs this Summer
Did you son or daughter got a summer job?  These are some of the things you should look at: 
  1. Are you expect to receive a W-2 or a 1099-MISC?
    1. You need to know because the taxpayer are required to pay federal taxes regularly or in installment. 

  2. Did you file Form W-4? 
    1. This form is used to calculate how much federal income tax to withhold from the employee’s pay. 
  3. What kind of job are you engaging in?
    1. Contract work or independent contractor.
      1. Do you know what the IRS considers a Self-Employee?
      2. Do you what records to keep?
      3. Do you know what can be deductible in your industry?
    2. Are you going to get tips?
      1. Records to keep?
    3. Are you going to be a newspaper carrier or a distributor?
      1. Are you self employee?
    4. Are you participating in an ROTC or SUMMER Camp where you get pay?
    5. Are you under age 18?                                                                                                                   
We CAN HELP you answer all these questions.

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