Living Will Iowa
how do i know if i will pay taxes from my paycheck?
I’m 14 and i am getting a job at fareway (already turned in application but sure i will get hired). I was kinda planning on buying some stuff then saving a lot for gas money, college, etc. But what i was wondering was is that from my paycheck will they take taxes out of it or will i make too little that they wont and if they do how much of a % will they take. I live in Iowa if this makes a difference. I will add any additional information if needed.
Your check stub will have all the with holdings from your check.
Review your check every payday as soon as you are paid to look for errors on hours worked,wages or anything unusual.
Keep a record of hours you work each day and total each week.
Your gross pay should be the same each week if you work regular hours,but your net pay may vary slightly from week to week by a couple of pennies.
You can use your computers financial program to set up a budget for savings,tracking your paycheck and spending.
Where you live is not relevant,this applies everywhere.
Your employer should with hold Federal and State Income Taxes,Social Security Taxes,Medicare Taxes,County or Local Income taxes (if required).
Social Security and Medicare Taxes may be listed as FICA on your stub,but will be listed under the proper headings on your W-2 for filing income taxes.
Income tax laws are subject to change,at the present time,your first $10,000.00 is income tax free,but employers may with hold some out of some checks and not from others.
Social Security and Medicare are mandatory,so they will be listed on your stubs.
Some advice:
1. Keep all of your paystubs during the year.
2. Keep your tax records for at least 7 years after you file a return – some people keep their tax returns forever.
3. Try to save at least 20% each payday and get that into savings first.
4. When you use real money,spend only the paper money and put the change in a jar,at the end of a month-count the change and put it in your savings account.
5. Take a personal finance course (money management) from your local bank if they offer it to their customers or from a local Consumer Credit Counseling Service,it will help you make better decisions and may help head off financial difficulties in the future.
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