Last Update: Wednesday, July 23, 2014

Prepare Your Kids for Summer Job Expenses PDF Print E-mail
Written by Jason Alderman   
Thursday, 31 May 2012 04:18

High school and college students hoping to find temporary jobs may be in for a tough time this summer – once again – as they compete with older, more experienced workers in a stillstruggling economy. But if your kid is fortunate enough to find work, there are a few things he or she – and you – should know about the economic and tax ramifications of temporary employment:

Payroll deductions. If this is their first job, warn your kids about common payroll deductions that can take a big bite out of take-home pay. Common culprits include state and federal income taxes, Social Security and Medicare (FICA), health and unemployment insurance, uniforms and union dues.

When starting a new job your child will be asked to fill out IRS Form W-4, the Employee's Withholding Allowance Certificate. Employers use this form to determine how much income tax should be withheld from your paycheck. The form's instructions help determine how many personal allowances can be claimed.

Note: If you claim your children as dependents and they earn less than $5,950 during 2012, they probably won't owe any income tax for the year. If so, they can request that employers not withhold income taxes by claiming an "exemption from withholding" on Line 7 of the W-4. However, if you notice on their year-end W- 2 form that the employer did indeed withhold federal and state income taxes, your child must file a tax return in order to get a refund.

Self-employed status. Many teens start their working careers by being self-employed, doing parttime jobs like babysitting, yard work or housekeeping. It's important to know that this income is also subject to income tax.

If their self-employment net earnings exceed $400 in 2012, your kids also must pay self-employment tax, even if they owe no income tax. This tax is similar to the Social Security and Medicare taxes that get withheld from regular wages. Self-employment tax is assessed at 13.3 percent of net self-employment income reported.

The IRS provides a handy guide called "Taxable Income for Students" guide that explains what types of income are and are not taxable ( For example, tips, bank account interest and certain scholar- ship-paid expenses (such as room and board) must be reported as taxable income.

IRA contributions. Retirement is probably the last thing on your teenager's mind, but you should know that they are allowed to open and contribute earned income up to $5,000 to an IRA each year. If you or the grandparents want to make a down payment on your kid's future, consider funding an IRA. For teens it usually makes sense to open a Roth IRA as opposed to a traditional IRA. Here's why:

With a Roth, you pay tax on the contributions that year – and kids are usually in the lowest tax bracket. Then, contributions and investment earnings grow tax-free forever. With a traditional IRA, you make pretax contributions but pay income tax on withdrawals at retirement – usually at a much higher tax rate.

If someone opened a Roth IRA at age 16 and contributed only $1,000 a year, the account could be worth over $300,000 by age 60. Sit down with your kid and play around with the Roth IRA Calculator at – it's a great way to teach the importance of compound earnings.

Jason Alderman directs Visa's financial education programs. To Follow Jason Alderman on Twitter: ney.

Last Updated on Thursday, 31 May 2012 04:26

Team members care for thousands of the region's sickest children with heart conditions, including fetuses, newborns, infants, children, adolescents, and adult, long-term patients with pediatric cardiovascular conditions. At Children's families experience coordinated, next-generation care, delivered by a compassionate, multidisciplinary team of leaders in the pediatric cardiology field. One of the largest pediatric cardiovascular programs in the region. Studies have shown that high volumes are associated with high quality and better outcomes, because experience is a major factor in quality of care. Wort was traditionally prescribed in parts of Europe for depression (in addition to use as a general-purpose tea), and Chinese medicine developed elaborate lists of herbs and preparations. With the scientific revolution in Europe and the United States, the use of traditional herbal remedies fell out of favor with the mainstream medical establishment, although a few people continued to use and maintain knowledge of traditional European herblore. In the early 20th century, scientists began reassessing this rejection of traditional herbs in medicine. Vorzüge eines intakten und lebendigen Gemeinschaftslebens bewahren. Dafür sorgen nicht zuletzt gut 120 lokale Vereine. Als wichtiger Faktor im Kulturleben haben sich die zahlreichen Museen und einige Kunstgalerien erwiesen. Descriptive and quantitative transcriptome analyses are important for interpreting the functional elements of the genome and revealing the molecular constituents of cells and tissues. It is known that sperm function can be affected by ASG proteins, including the processes of capacitation and the acrosome reaction, as well as canadian pharmacy accutane sperm motility, DNA integrity and interaction with the oocyte. BSPs (bovine seminal plasma protein, unigene 64,588 and unigene 69,768), fertilin (unigene 17,270 and unigene 27,136), ACE (Angiotensin converting enzyme, unigene 7,164 and unigene 21,069), GPX5 (glutathione peroxidase, epididymal secretory glutathione peroxidase, unigene15860), Spermadhesin-1 (Acidic seminal fluid protein, aSFP). The reproduction-related transcripts identified in the ASG and testis transcritptomes in E. This interaction of PDC-109 with the sperm cell membrane results in an efflux of cholesterol and choline phospholipids, that appears to be important for capacitation. The main changes in spermatozoa that occur during epididymal maturation are the ability to move, recognize and bind to the ZP, and to fuse with the plasma membrane of the oocyte.. Oct 2004, Adelaide, Australia. Ziaian T, Augostinos, M. Relationship Between Acculturation and Mental Well-being Among Young Persian Women Living in Australia. Paper presented at the Educational Research conference, 18th November 2004, Adelaide, Australia. Ziaian T, Stress Management: an introduction of holistic coping strategies. A Four day Course for the higher degree students. Targeted molecular therapy for advanced epithelial ovarian cancer. Minimally invasive surgery for gynecological cancer. Pharmaceutical Sciences from Shizuoka College of Pharmacy (1976, Japan). He has completed his B. Prophylactic removal of nevi without clinically worrisome characteristics is not recommended. The reasons for this are practical: many individuals in these families have a large number of nevi, and complete removal of them all is not feasible, since new atypical nevi continue to develop. In addition, individuals with increased susceptibility to melanoma may have cancer arise de novo, without a precursor lesion such as a nevus. The disadvantages of screening include the limitations of available noninvasive testing methods and the risks associated with invasive screening procedures. ERCP is the gold standard for identifying early cancers and precancerous lesions in the pancreas..