Thursday, June 1, 2023
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions
The Chronicle News
  • Home
  • Local News
  • Sports
  • Opinions
  • Lifestyle
  • Business
  • Entertainment
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Local News
  • Sports
  • Opinions
  • Lifestyle
  • Business
  • Entertainment
  • Advertise
  • Contact Us
No Result
View All Result
The Chronicle News
No Result
View All Result
Home Business

Tax tips for your summer job

The Chronicle News by The Chronicle News
May 14, 2023
in Business
0
COLUMN: Encouraging our legislators to make dental insurance work for Oklahomans
1
SHARES
3
VIEWS
Share on FacebookShare on Twitter

You might also like

Duncan area job fair set for Friday

Remodel of Lawton auditorium boosts permits

Avoiding the property transfer tax trap

Summer brings warm weather, fun outdoor activities, and new opportunities to earn some additional income. Taxes on seasonal income, however, need to be handled with care, whether they’re related to your child’s first job or an extra income opportunity for you.

Here are some tips to help manage the taxes on your summer earnings:

1. Take advantage of tax-free earnings limits. If you anticipate making less than the annual standard deduction ($13,850 for single taxpayers in 2023), none of your earnings are subject to federal taxes. If possible, earn at least that amount each year to maximize your tax-free earnings. Remember, this only applies to earned income like your summer job. These rules do not apply to sources of income such as interest income or dividend income.

Tip: If your annual earnings will be less than the standard deduction, you can claim EXEMPT on your Form W-4. That prevents federal income taxes from being withheld from your paycheck.

2. Review the need to make estimated payments. As an independent contractor, you are responsible for paying all the taxes on your earnings. This is done by making quarterly estimated tax payments to the IRS using Form 1040-ES. In addition to income taxes, contractors also need to pay a self-employment tax of 15.3% of earnings at the federal level. You may also need to pay estimated taxes at the state level.

Tip: Track your expenses and save receipts. By doing this, you can subtract eligible expenses like mileage and supplies from your gross earnings. Use this lower income number to calculate your self-employment tax and correctly estimate your income tax obligation.

3. Closely monitor tax withholdings. As an employee, your employer withholds taxes based on what you claim on Form W-4. The tax tables used by this form to calculate your withholdings unfortunately do not account for seasonal jobs. This typically results in paycheck withholdings being too low for supplemental income workers and too high for students working during the summer.

Tip: If you anticipate earnings more than the standard deduction, request a revision of your withholdings. Use tools on the IRS web site, review last year’s tax return, or ask for help to estimate the correct amount to withhold. From there, ask your employer to increase or decrease your federal and/or state withholdings.

With a little tax planning, you can ensure that your summer job provides the income you are looking for without the disappointment of unexpected taxes.

One of my primary objectives is to help you achieve your financial goals through a holistic approach that is tax-efficient in my wealth management and tax resolution practice. For more information, visit www.fredtfoxiii.com

Fred T. Fox III lives in Lawton and owns his own business.

Previous Post

Spirit of Bobbi Matchette ignites opening of Arts for All Festival

Next Post

Dead end road leads to dead end for run from law, according to police

The Chronicle News

The Chronicle News

Related Posts

COLUMN: Encouraging our legislators to make dental insurance work for Oklahomans
Business

Duncan area job fair set for Friday

by The Chronicle News
May 28, 2023
Remodel of Lawton auditorium boosts permits
Business

Remodel of Lawton auditorium boosts permits

by The Chronicle News
May 28, 2023
COLUMN: Encouraging our legislators to make dental insurance work for Oklahomans
Business

Avoiding the property transfer tax trap

by The Chronicle News
May 28, 2023
COLUMN: Encouraging our legislators to make dental insurance work for Oklahomans
Business

Safeguarding your business’s cash with segregation of duties

by The Chronicle News
May 21, 2023
COLUMN: Encouraging our legislators to make dental insurance work for Oklahomans
Business

Shawnee banker installed as chairman of association

by The Chronicle News
May 14, 2023
Next Post
Dead end road leads to dead end for run from law, according to police

Dead end road leads to dead end for run from law, according to police

Must See

Popular News This Week

  • Closure of School House Slough and Robinson's Landing at Lake Lawtonka leaves visitors staggered

    Closure of School House Slough and Robinson’s Landing at Lake Lawtonka leaves visitors staggered

    191 shares
    Share 76 Tweet 48
  • ODOT to begin work on Oklahoma City’s I-35/I-240 interchange

    95 shares
    Share 38 Tweet 24
  • Warrants issued for forged check scheme netting over $46,000

    94 shares
    Share 38 Tweet 24
  • Teamwork makes scheme work, leads to warrants

    84 shares
    Share 34 Tweet 21
  • Trio of murder trials top jury trial docket

    82 shares
    Share 33 Tweet 21

About

Welcome to The Chronicle. The Chronicle gives you the absolute best news sources that are happening in and around Comanche County! Our news are carefully curated and constantly updated to give you the best and most recent news as soon as they happen.

Categories

  • Local News
  • Sports
  • Opinions
  • Lifestyle
  • Business
  • Entertainment

Site Links

  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms & Conditions

Latest News

  • Murder trial begins for Cache woman accused of killing husband June 1, 2023
  • Oklahoma State Bureau of Investigation agent testifies about crime scene June 1, 2023
  • Oklahoma State Bureau of Investigation agent testifies about crime scene June 1, 2023

© 2023 The Chronicle News

No Result
View All Result
  • Home
  • Local News
  • Sports
  • Opinions
  • Lifestyle
  • Business
  • Entertainment
  • Advertise
  • Contact Us

© 2023 The Chronicle News

What Are Cookies
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?