" What Taxes Would Students Pay For Summer Jobs? "

List Tax Information for Students Having Summer jobs:
1.  As new employee you would need to fill out Form W-4, to withhold the correct amount of taxes from your pay check.  Use IRS Withholding Calculator tool from www.irs.gov fill the form our correctly.
2. For Jobs with tips, keep a daily log of the amount of tips received. If Tips that exceed 20$ in a month it should be reported to your employer.
3. For Self Employed Students Income doing odd jobs, such as lawn mowing or baby sitting, is subject to Self-employment Tax. You might not earn enough money to pay Income Tax but you may have to pay Social Security & Medicare Taxes.
4.For ROTC, Active Pay such as Pay Received in Summer Camp is Taxable. But, the Food and Lodging allowances received in Advanced Training are not Taxable.
5. For News Paper Carrier or Distributors, Special Income Rules apply.

For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In :   kyajnik@yajnikandmehta.com
Facebook :  kash@yajnikandmehta.com  
Twitter :       Kash_Yajnik@kash_yajnik

" What Separates YMA From Other Tax Service Providers ? "

Yajnik & Mehta Associates (YMA) is a Ten Years old Year Round Tax Service provider for Individuals & Businesses in the Tri-Valley area.  The following Intangibles and  Reduced Prices separate it form other Tax Service Providers:

 

1. Reduced Prices - No Office Overhead

2. FREE Tax Planning.

3. FREE Tax Consultation.

4. FREE IRS/CA FTB Audit Assistance.

5. FREE Annual Tax Return Warranty.

6. FREE Senior Home Visits 

7. Seniors/Vaterans Price Discounts

For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In :   kyajnik@yajnikandmehta.com
Facebook :  kash@yajnikandmehta.com  
Twitter :       Kash_Yajnik@kash_yajnik

" Did you Receive Fake IRS Emails...?"

Beware of IRS look alike eMails.  These appear to be authentic with IRS like Logos etc., but are actually not from IRS.
Such a scam is called "Phishing", where you are being tricked in revealing your personal, and financial information.  Criminals use such information for Identity Theft to steal your money. Suggest following actions:
1. Don't reply the message.
2. Don't open attachments.
3. Don't click on any links in the email.
IRS wants you to know the following:
o IRS Doesn't contact Tax Payers by email.
o IRS never asks for personal information like Passwords, or Credit Card Numbers etc.
o Official IRS Web Site is www.irs.gov i.e.ends in .gov for Government. All other web addresses are bogus.

For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In :   kyajnik@yajnikandmehta.com
Facebook :  kash@yajnikandmehta.com  
Twitter :       Kash_Yajnik@kash_yajnik

" Six Tax Tips For Self Empoyed..."

List following six tips for the Self Employed:
1.  Self Employed Income includes your W2 Wages and other part time compensation.
2.  File Schedule C or C-EZ in addition to 1040 Form showing Income & Expenses to generate it.
3.  Self Employed people pay Self Employment Tax which includes Social Security & Income tax on  Schedule SE.
4. If you are Self Employed all year, you should plan to pay Estimated Taxes.
5. Some assets like Appliances, Furniture, Computer ( % of Business Use ) may be depreciated over its useful life.
6. Only Ordinary & Necessary cost of business appropriate for your trade or industry can be deducted as Business Expense.

For Q & A Contact :
Kash, @ Yajnik & Mehta Associates (925) 963 4891
Linked-In :   kyajnik@yajnikandmehta.com
Facebook :  kash@yajnikandmehta.com  
Twitter :       Kash_Yajnik@kash_yajnik