Taxes for Students with Summer Jobs
Do Students have to pay taxes on their summer income?
Many students may not realize they have to pay taxes on their summer income. Whether students are babysitting, mowing lawns, delivering newspapers, or other jobs, they must pay taxes on the income they've earned.
The following kinds of income often received by students are generally taxable:
-Pay for services performed
-Self-employment income
-Investment income
-Certain scholarships and fellowships
Some tips on taking preventative measures:
- Know your employment classification
Ask your employer about your status and how you're being paid. Be clear about whether your employer considers you an employee or an "independent contract worker."
- Tally your tips
Tips are taxable income, so you will have to tell the IRS in 2011 what you made in tips this year. Keep a record of what you earn.
- Keep your pay stubs
Without pay stubs, employees have little to help them report their income. Often, the stubs have cumulative information, so the last one will be enough to save.
- Know what's withheld
Read your pay stubs carefully, knowing what money you receive isn't the same as knowing what money you earned.
- Be aware of tax-filing basics
Many students may be working their first job and they'll have to file taxes perhaps for the first time, so consider these tax basics
Depending on where you work, there are several different ways in which you might need to file your taxes. Be sure to do your homework to find out what tax obligations the IRS wants students who are earning income to know
Visit the FAQ at USA.gov to learn more.
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Funding for Jobs In Education Receives Federal Approval
New Jobs Funding Program Approved
The Department of Education recently received approval by Congress and the President on a new federal program.
The Education Jobs Fund program is a new Federal program that provides $10 billion in assistance to states to save or create education jobs for the 2010-2011 school year.
State Governors must submit an application for funding for their state by September 9th.
Jobs funded under this program include those that provide educational and related services for early childhood, elementary, and secondary education. It will allow hiring back and retaining education job which include school librarians.
For more information, please click here to go to the Department of Education's website.
For a list of education-related job openings in and around the Tampa Bay area, click here.
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SCORE Workshops for Small Business Development
Need Help for your Small Business?
SCORE is a non-profit organization that provides free services dedicated to the success of small businesses nationwide. SCORE offers hands-on help to new or existing businesses including entrepreneur education, mentoring, and funding assistance.
SCORE Counselors are volunteers made up of businessmen and women who have been successful entrepreneurs, small business owners, senior corporate executives, and experienced professionals. Their experience and expertise will offer hands-on help geared toward your situation and needs.
SCORE Workshops available through September at Pasco County Libraries:
Starting a Business:
Matching Your Ideas and Resources for Success:
Wednesday, August 11th from 5:30p.m. - 7:30 p.m.
Hugh Embry Library
Introduction to Quickbooks:
Tuesday, August 17th from 5:30p.m. - 7:30 p.m.
Centennial Park Branch Library
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Tuesday, September 14th from 5:30 - 7:30 p.m.
Hudson Regional Library
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Saturday, September 18th from 10:30 a.m. - 12:30 p.m.
Land O'Lakes Library
Using Financial Tools in Starting a New Business:
Tuesday, August 24th from 5:30 - 7:30 p.m.
Hudson Regional Library
How to Successfully Obtain a Business Loan:
Wed., September 22th from 5:30 - 7:30 p.m.
Hugh Embry Library
Advanced Quickbooks:
Wed., September 22th from5:30 - 7:30 p.m.
South Holiday Library
How to Manage & Grow an Existing Business:
Thursday, September 23rd from 5:30 - 7:30 p.m.
Regency Park Library
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2010 Sales Tax Holiday August 13 through August 15, 2010
Planning on purchasing books, clothing, footwear, certain accessories or supplies for the upcoming school year?
The Florida sales tax holiday may help you save money!
Florida law directs that no sales tax or local option taxes (also known as discretionary sales surtax) will be collected on sales of certain
books, clothing, footwear, and accessories selling for
$50 or less, or on certain
school supplies (notebook paper, lunch boxes, computer discs, etc.) selling for
$10 or less. This three-day tax exemption is in effect from 12:01 a.m., Friday, August 13, 2010, through midnight, Sunday, August 15, 2010. (The exemption does not apply to sales of books, clothing, or school supplies within a theme park, entertainment complex, public lodging establishment, or airport.)
For a complete list of qualifying items click here.
While the program targets items typically used by students during the school year, it also applies to articles more commonly used by adults, including work uniforms, lab coats and tuxedos. Baby clothes and diaper bags are also covered.
Store coupons and discounts may be used to reduce the sales price of an item in order to qualify for the exemption. Check with individual retailers for policies and store hours.
Information provided by the Florida Department of Revenue.
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Do You Need a Job? Job Training? Computer Training?
Pasco County Library System and Career Central are teaming up to assist you with opportunities for job searching, job training, or even basic computer training. Laptops will be available for people to learn how to use computers and apply for jobs. The Career Central One-Stop Mobile will be also be parked at the recreation center to assist people with job searching, and job training opportunities.
WHEN: Saturday August 14th, 9:00 am - 1:00 pm
WHERE: Shady Hills Park Recreation Center, 15840 Greenglen Lane, Spring Hill, FL
DIRECTIONS:
Coming from the south:
From Rt 52, head north on Shady Hills Rd. Continue for 4.2 miles. Turn left onto Greenglen Lane. The address number is 15840 Greenglen Lane.
Coming from the north:
From County Line Road at Mariner Blvd (Hernando/Pasco border), head south on Shady Hills Rd. Continue 3.5 miles. Turn right onto Greenglen Lane. The address number is 15840 Greenglen Lane.
The Career Central One-Stop Calender is available for dates and locations. Click here to view it.
For more more information, please call Career Central at 727-484-3400, M-F, 8am-5pm, or Nancy Fredericks at the Pasco County Library at 727-861-3040.
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