School's out, but the IRS has another lesson for students who will be starting summer jobs. Summer jobs represent an opportunity for students to learn about the tax system.
Not all of the money they earn will be included in their paychecks because their employer must withhold taxes.
Here are six things the IRS wants students to be aware of when they start a summer job.
If you do not meet these conditions and you are under age 18, then you are generally exempt from Social Security and Medicare tax.
More information about income tax withholding and employment taxes can be found at IRS.gov, the official IRS website.
TaxACT helps you determine how much you should withhold and complete a Form W-4 you can print and turn into your employer. Simply sign in to your TaxACT Online account or start your desktop program and click on the blue "Next Year" tab.
October 10 (Employees who work for tips)
If you received $20 or more in tips during September, report them to your employer - Details
October 13 (Everyone)
Federal Holiday (Columbus Day) - Details
October 15 (Individuals)
If you have an automatic 6-month extension to file your income tax return for 2013, file Form 1040, 1040A, or 1040EZ and pay any tax, interest, and penalties due - Details
October 15 (Partnerships)
Electing large partnerships: File a 2013 calendar year return (Form 1065-B). This due date applies only if you were given an additional 6-month extension - Details