Paying Taxes "'Tis impossible to be sure of any thing but Death and Taxes," The Cobbler of Preston by Christopher Bullock (1716)

PART 1: So you got a job...

When you get hired, your new employer will give you a W4 form to make you an official employee. (This is true if you’re a janitor, surgeon, human rights lawyer, barista, or architect. If your employment is legal, you begin with a W4.)

You’ll need some information to begin: Your social security number (or Tax Identification number, if you’re not a US citizen. You can still work legally and pay US employment taxes without a US Social Security Number.) Ask whether your parents/guardians claim you as a dependant on their taxes. (If you’re under 18, it’s very likely they do.) Heads up: If you are a parent, married, the legal financial caretaker of a relative, or if you have more than one legal job, things are slightly more complicated.

The W4 form: It’s simpler than it looks! Return the form to your employer after you fill it out. Your employer will file this with the IRS to pay taxes. This tax on your income pays for things our government funds--our shared responsibilities as a society.

Then what? Your employer will pay you a certain amount of money--either salary or by hour. Hourly pay is most common for lower pay or contract work. The employee is paid the same amount for each hour they work. If you work hard 9.5 hours one week and 10 hours at half-effort the next week, your pay will change to reflect the extra time you work-- not the effort. Hourly pay can go up when you get a raise. Salary is most common for career- type work. Salary is not paid hourly, but there are usually required times that the employee needs to be present and working. Salary is a steady amount of pay each month, whether you work an extra hour, an extra 20 hours, or finish work early.

“I worked 20 hours but I got paid $225 after taxes. ” When you get your paycheck, some of the money will not be there. (That’s the tax.) GROSS PAY: “I make $15 per hour and I worked 20 hours. I expect $300 on payday.” NET PAY: “I worked 20 hours but I got paid $225 after taxes. ”

Where does the money from your income tax go? Note: There are a lot of versions of this chart. The values change slightly depending on how the funds are grouped together. You could group “Pentagon & Military” with “Veteran Benefits” and call it “War” to make it the largest category, or you could divide up categories to tell another story. Be a critical thinker, even when you agree!

Part 2: Filing Taxes When you filed your W4, you can have the government take out more or less of your check. If they take out more of your check, you receive less money monthly, but you will get a tax return after April 15 the following year. This is a check of anything extra your paid. ------ ---------------> If they don’t take enough, you have to pay anything that wasn’t paid from your ←----- ------------ paycheck. (This is why there are memes about how good and how bad tax day is. It depends how you file.)

Here’s the basic tax calendar: Anyone who has paid you legally has filed a W4 and taxes have been taken out until December 31 of that year. January: During the month, you should receive W2 forms reporting all of your earnings and taxes paid from your paychecks to the government. Before April 15, you need to file a 1040 or 1040 EZ to complete the tax cycle. When you file your 1040, you will find out if you are going to pay or get a refund.

W2’s are a half-sheet mailed to your address. KEEP THEM! You need this information to file taxes!

Next... Once you have all of your W2 forms (one for each job you worked), you can file your taxes online or on paper. Many people with children or dependents, homes, spouses, and businesses have more complicated taxes and they pay a professional to file for them. Sometimes there is a financial advantage to having a professional file your taxes. When your taxes are simple, it’s easy to file them yourself for free. Go online and get a 1040 or 1040EZ form.

Download both the 1040EZ form and the 1040EZ instructions. Go line by line and follow directions to fill it out. Some of the 1040 or 1040EZ questions will require information on your W2 forms. Copy all information accurately. If you make mistakes, your return might get delayed or you might have to pay a fine.

*Print a copy of your completed taxes for your records and keep it somewhere safe. *This is your personal information, so don’t share it. Your social security number is more personal than your social media passwords. *Once you send in your accurate 1040 form and W2 by mail or online, you’re done! (You need to pay at this time if you owe extra $, but this is uncommon for first jobs. Just wait and your check will arrive in a few weeks!

Your refund check will look like this (with your name and a dollar amount on it). Take it to the bank to cash it! :)

ALERT: You really do need to file your taxes before April 15th every year to avoid penalties. It can get ugly if you don’t. You can research the penalties if you’re interested but that quote from the first slide has been repeated for hundreds of years for a reason.