OMG!! it felt horrible. I thought i would get a certain amount of money but then there are so many things that come out of my check
Hey Jessica, how did it feel to finally get your first paycheck?
Can you explain what those taxes are?
WHAT? What does that mean?
Yea lets go to my place!
Yeah, that's Uncle Sam taking your income taxes.
That just means every pay check a certain amount of money called your income taxes comes out to help pay for Federal income taxes, Social Security taxes and Medicare Taxes.
Oh okay, so every pay check Uncle Sam will take 18-25% and for any medical and social security things.
Basically your taxes any transportation services including roads. Federal and state income taxes also help pay for schools. Also your taxes pay for people who are not able to work. You also pay for your medicare and social security
So what happens if i have my own business?
Oh okay, You wanna go grab dinner its getting late?
When are tax returns do?
And who files the tax return?
You have a tax return filed
Before April 15th of every year
You do it yourself, but if you don't file a tax return the I.R.S. will find out,
What is the maximum amount you can get back from social security