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A Personal Finance Primer: Taxes

This LibGuide is a guide to adulting. It will support every single aspect of your adult life.

Tips & Tricks for Adulting

Some words of wisdom about taxes

  • When you get a paycheck, you have 2 kinds of income:
    • Gross--Your salary or (# of hours worked) x (pay rate) BEFORE TAXES
    • Net--The amount you "take home" after taxes have been deducted  AFTER TAXES
  • There are 3 kinds of tax:
    • Federal (levied by the Internal Revenue Service [IRS])
    • State (levied by the state in which you work)
    • Local (levied by the city. NYC is one of 14 cities that levy taxes from income)
  • Don't forget FICA which is a tax that funds Social Security and Medicare
  • The 15th of April is Tax Day in the United States.  Your tax form must be postmarked by 11:59 PM on that date. 

Finance Databases

Tax Hacks (legal ones)

Breaking Taxes Down

A Must-Use

 

Tutorials