Grok Social Security Administration statement: mandatory for summer
The Government and the U.S. SSA send a clear message for the summer: It's in your best interest to listen to them
Summer arrives and the United States Social Security Administration (SSA) issues a key notice for those working during the warmer months. If you plan to earn extra money, pay attention, this message will help you keep the correct amount, with no surprises.
The SSA reminds you that income from summer jobs is subject to taxes and means that the money you earn can affect what you pay to the IRS. Use the IRS tax withholding calculator (a tool recommended by the SSA). It helps you calculate how much should be withheld from each paycheck and is an essential tool to avoid coming up short or overpaying.
The IRS Tax Withholding Calculator Is More Useful Than You Think: SSA Notice
This calculator is used to know, in real time, how much money should be withheld from your salary. If you withhold too little, you'll have to pay when you file your return; if you withhold too much, you're giving money to the IRS that you could enjoy now. SSA insists: it's very useful, especially if you change jobs or work only during the summer.
First, review your W‑4 form, where you choose whether to withhold more or less tax, and then use the IRS calculator to adjust your choices. If you start a summer job, always do this from the first day. Don't wait until December; SSA highlights that making adjustments early is a tip that helps you avoid problems at the end of the year.
SSA Tips You Should Never Forget
Review your withholding every time you change jobs; if your summer is short and your income is low, you may not need to withhold much. But you'll only know with the calculator. If you are self-employed, remember that you must make estimated payments to the IRS; forgetting this can result in a penalty.
When you start a job, complete the W‑4 carefully, use the IRS withholding calculator right after. Adjust your exemptions and withholdings according to what the tool says and check again in the middle of summer if your income changes.
If you are self-employed, estimate your payments using IRS publication P505. SSA reminds you that you have free access to forms and online assistance. Its portal allows you to change your W‑4, download copies of your 1099 forms, or report changes in your employment situation.
More posts: