School’s out and many students will be starting summer
jobs. I want to remind you that
employers may be withholding taxes, so you may not get all of the money that
you earn and if you don't take action you may have to file a tax return to get
your refund.
Here is a tip that might help.
When you first start a new job, you must fill out a Form
W-4, Employee’s Withholding Allowance Certificate. This form is used by
employers to determine the amount of tax that will be withheld from your
paycheck.
If you have
multiple summer jobs, make sure all your employers are withholding an adequate
amount of taxes to cover your total income tax liability. To make sure your
withholding is correct, use the Withholding Calculator on www.irs.gov.
If you do not anticipate owing any tax and did not owe
tax last year, you can simply indicate on your W-4 and your employer should not
withhold.
