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
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