Five Significant Things Your Teen Needs to Know About Income Taxes

When your teenager receives his first pay check, he will notice that he has had some money taken out for federal income taxes – quite possibly state and local taxes too. American companies are required by law to take this money out of all employees pay. This will seem strange to your teenager and he will have questions about it – especially since it has affected ‘his’ money. Here are the five most significant things you can explain to your teenager to help him understand income taxes.