In addition to being a great source of walking-around money or funds of college expenses, summer jobs can be great educational tools for teens and young adults. We’ll title one of these lessons “Welcome to the Tax System 101.” You need to report your income, kids, and the rules for you aren’t necessarily any simpler than those for your parents. Of course, you might be able to persuade them to do the dirty work and fill out the return, or even report your income on their own returns. Bill Bischoff of MarketWatch has a primer on the tax implications for summer jobs, as well as the opportunities for parents to collect kid-related tax breaks.
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