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Summer jobs for teens mean paying taxes
Dear Action Line: My son has his first summer job and has no idea about what taxes are or what the IRS is.
Some students with summer jobs might not realize they must pay taxes on this income.
Here are six things the Internal Revenue Service wants everyone to know about income earned on a summer job.
Obama economic advisory board OKs tax report
WASHINGTON - Any attempts to simplify the complicated U.S. tax code will produce lower taxes for some people and higher payments for others, including some of the middle-class families President Barack Obama has promised to shield from tax increases, a new report says.
Obama asked his Economic Recovery Advisory Board, led by former Federal Reserve chairman Paul Volcker, to review the pros and cons of three tax issues: simplifying the tax code, getting people to pay up and overhauling the corporate tax structure.
But the report by the board's tax subcommittee said the panel took Obama's request to mean that "not every option we considered must avoid a tax increase on such families" but rather that the options together should be "revenue neutral" for this particular income category.
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