Income Tax Question

xiggi
Thu, 17 Aug 2006 12:55:36 +0000

You may find this article interesting:

http://www.newaccountantusa.com/newsFeat/is/is_fundsandtaxes.html

Regarding your school job, if it work-study related, there shouldn’t be Social Security taxes. Keep an eye on the impact of any earnings on next year’s FAFSA calculation. In the meantime, your employer should provide you with all the necessary information. Be especially careful with the school attempt to report income as self-employment and stick you with the full 15.3% Social Security (if not WS).