Tax Tips for Students Starting a Summer Job

School’s out and many students are working this summer.

Here are five things that students should be aware of when they start a summer job.

1. When you first start a new job you must fill out a Form W-4, Employee’s Withholding Allowance Certificate. This form is used by employers to determine the amount of tax that will be withheld from your paycheck. If you have multiple summer jobs, make sure all your employers are withholding an adequate amount of taxes to cover your total income tax liability.

2. Whether you are working as a waiter or a camp counselor, you may receive tips as part of your summer income. All tips you receive are taxable income and are therefore subject to federal income tax.

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E-Verify hurts farmers

HB 87, Georgia’s immigration law, the provision requiring employers to verify the immigration status of new hires (E-Verify) went into effect July 1. Farmers are panicking over how they will find enough workers to harvest their crops.

Many farmers have already noticed a dip in migrant workers as of late May, with harvest labor down nearly 30-50%. Come fall, those labor shortages are likely to continue.

Six Tax Tips for New Business Owners

Are you opening a new business this summer? Here are six tax tips for new business owners to know.

1.     First, you must decide what type of business entity you are going to establish. The type of business entity will determine which tax form you have to file. The most common types of business are the sole proprietorship, partnership, corporation and S corporation. An attorney can help you setup the entity.

2.     The type of business you operate determines what taxes you must pay and how you pay them. The four general types of business taxes are income tax, self-employment tax, employment tax and excise tax. If you sell merchandise, you may also have to collect sales tax.