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IntroLend

A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, "Why is so much of my paycheck withheld? And who is this FICA dude?"

Welcome, students, to income taxes and how they affect the working world that you have joined. There are two main taxes on your earnings:

  • Federal Income Taxes – These provide income for operations and services of the federal government.
  • Payroll Taxes – These are taxes that fund Social Security and Medicare under the Federal Insurance Contribution Act (the "FICA dude" referenced above). The taxes you pay in go toward covering the eventual services you require. You pay half of this tax obligation (the withheld amount) and your employer kicks in the other...

Get Ready For Tax Season!

IRS Tips For Charitable Deductions

It's STILL Not Too Late To Lower Your Tax Bill

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If you’re new to saving for retirement, all the unfamiliar jargon can be off putting. Here’s a primer on 20 of the most common retirement terms, outlining what they mean and why they’re important. Start here to build your retirement planning confidence. 1. 401(k) A 401(k) is the most popular employer-sponsored retirement savings plan. With […]

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It’s fine to say, “Dear, ask your Uncle Al about his work as a CPA.” But it’s best to be more systematic. Bloomberg, the world’s largest business news organization, and its fabulous weekly magazine, Bloomberg Businessweek, feature countless companies you and your child have probably never heard of, and those firms have jobs you’ve likely never imagined. Make it a monthly conversation (you can save up a few articles on interesting employers) to discuss what each of you has read.

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