You and taxes

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You and taxes

Remember Uncle Sam
As you gain experience your salary increases. There will be a larger discrepancy between your gross income and net income. Here’s what it all means.

W-4 and withholding, The W-4 and its worksheet — how to figure them out, Effective tax rate — your personal tax bracket, State income, personal and sales taxes levied, How to adjust your withholding, Guard your Social Security number

The tax return
As your salary and investments increase, filing a tax return involves more record keeping than hanging on to a W-2. Plan over the year for the deductions you can take.

Links:10 must-know tax terms,Basics on taxes — Filing your return,Hassle-free tax record keeping, Common filing mistakes to avoid, Don’t overlook deductions and credits, How to find an accountant, Your job hunting expenses may be tax deductible, Ins-and-outs of home office deductions, Advanced tax planning for a home-based business, Maximize a new retirement savings tax credit, Your changing tax life, Haunted by the marriage penalty, A lesson in educational savings accounts