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IntroLend

A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, "Why is so much of my paycheck withheld? And who is this FICA dude?"

Welcome, students, to income taxes and how they affect the working world that you have joined. There are two main taxes on your earnings:

  • Federal Income Taxes – These provide income for operations and services of the federal government.
  • Payroll Taxes – These are taxes that fund Social Security and Medicare under the Federal Insurance Contribution Act (the "FICA dude" referenced above). The taxes you pay in go toward covering the eventual services you require. You pay half of this tax obligation (the withheld amount) and your employer kicks in the other...

Get Ready For Tax Season!

IRS Tips For Charitable Deductions

It's STILL Not Too Late To Lower Your Tax Bill

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Everyone over 16 in the U.S. is now eligible to be vaccinated against Covid-19—and this good news parallels consumers’ growing optimism about their financial outlook.  Overall consumer confidence reached 60.7 (out of 100) this week, according to the Forbes Advisor-Ipsos Consumer Confidence Weekly Tracker. That’s an increase of 1.2 points from last week and 10 […]

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President Joe Biden’s massive $1.9 trillion stimulus package has just been signed into law, providing much-needed financial relief for many Americans. Two of the most notable provisions include extending unemployment benefits and disbursing a third round of direct payments (also known as stimulus checks). For many, these stimulus payments are more of a lifeline than […]

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The third time’s the charm, as the saying goes. President Joe Biden made good on his campaign promises and signed the third stimulus bill, styled the American Rescue Plan, into law today. The new stimulus package comes with a few caveats. While it features the same income eligibility cutoffs for full stimulus checks as the […]

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