As school winds down if you're a student, you might be hitting the job market in search of summer employment. And among the first things you will learn on that first job is that not all the money you earn may make it into your pocket. That’s because your employer must withhold taxes. Here are some things the Internal Revenue Service reminds you to be aware of when you start that summer job.
The amount of money withheld from each paycheck can come as a surprise to first-time filers. Generally, employers are required to deduct and withhold: Federal and state income taxes, local taxes, payroll taxes, such as Social Security (FICA) and Medicare, which reduce a paycheck by 7.65 percent.
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