Hello, I was wondering if anyone can help me figure out what to do when I get my first paycheck.
I am 15 and I get paid minimum wage(U.S). I don't know if I am supposed to take out taxes or if the goverment takes them out for me. I also don't know what to do when the taxes are taken out. Can someone please explain what happens when you get your first paycheck.
Thank you and have a good day.
I am 15 and I get paid minimum wage(U.S). I don't know if I am supposed to take out taxes or if the goverment takes them out for me. I also don't know what to do when the taxes are taken out. Can someone please explain what happens when you get your first paycheck.
The employer will deduct taxes and forward those funds to the government. Also, deductions for social security, for medicaid, maybe for insurance, maybe for 401K ... you are going to be shocked, shocked how much of your earnings you don't get.
Next year about this time the employer will send you a report of your earnings and deductions. This is called a W-2. When you have all your W-2 forms, take them to a tax preparer, like H&R Block for example. Take your checkbook too cuz they don't work for free either.
