Advice | Financial Adulting 101: Here’s why your paycheck is less than you thought it would be.
I couldn’t help but snicker each time one of my adult children got their first paycheck.I laughed not out of financial superiority but because it made me recall my ownWhat many of us have accepted as a fact of working is shockingly frustrating to young people just starting out. My children refer to this irritating transition as “adulting,” the period where you are expected to move from childhood to adulthood, which includes taking control of your financial life.
that imparting too much information at one time can prompt them to tune out. After explaining FICA to my children, for example, I attempted to talk about other sections of their pay stub, and they were like, “I’m out.”It’s important to know where your funds are going and why you are paying them,” said Eric Bronnenkant, head of tax at Betterment, a digital investment advisory firm. “Most people just kind of lump all taxes into one bucket.
, which allows your employer to withhold federal income tax from your pay. If too little is withheld, you will generally owewhen you file your tax return and may owe a penalty. If too much tax is withheld, you will generally be due a refund.simplify the form to reflect tax code changes under the 2017 Tax Cuts and Jobs Act. The form has five steps, starting with entering your personal information and filing status and ending with you signing the form.
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