This summer, many students will be taking on summer jobs. However, many are unaware of the tax consequences involved with employment. Additionally, many students fail to establish a savings goal. For example: 1. Form W-4, Employee’s Withholding Allowance Certificate must be completed. Employers use this form in order to withhold taxes from your paycheck. The [...]
The IRS frequently issues tips to taxpayers on various topics. One topic of interest is tax benefits for job seekers. With so many people in the job market, the IRS feels that is imperative for job seekers to understand the tax benefits related to their job searches. Job seekers are able to deduct most costs [...]
If you are recently married or planning to get married, be sure to notify the appropriate agencies. This will ensure that there are no complications come tax season. The IRS – Form 8822 should be completed if you have a new address. The form is available online at IRS.gov. Social Security Administration- Form SS-5, [...]
The minimum wage increased to $7.25 on July 24th. However, many are questioning whether this will be a boost to workers considering the current economic climate. Some economists are arguing that this is another stimulus for the economy. But is it really? Consider that many states have their own minimum wage requirements. Employers are required [...]
