Let’s face it: not many people, except perhaps certified public accountants and IRS employees, like taxes. But we all have to pay them sooner or later—and teens are no exception. So the earlier we teach them about taxes, the less mysterious and burdensome taxes may seem.

 

The Taxing Facts of Life

The taxes we pay support everything from schools and roads to social services and law enforcement. Unless you live in one of the few states that don’t have a sales tax, your teens are probably familiar with the concept of paying a tax. Once they begin working, however, they will likely encounter income and payroll taxes, too.

Read on for the basics of income and payroll taxes, how to handle the paperwork and where to go for more help.

 

The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The type of savings and investment strategies mentioned may not be suitable for everyone. Each investor needs to review a security transaction or strategy for his or her own particular situation. The examples mentioned are for informational purposes only and not intended to represent results you should expect in the future. Data contained here is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.