Many students and teachers take summer jobs. Employees must fill out a Form W-4 so their employers will know how much federal income tax to withhold from their paychecks. The IRS has a Withholding Calculator Tool that can help employees determine the number to use for their withholdings. Social Security and Medicare Taxes will also be withheld from employee paychecks. Employers are required to provide employees with a W-2 by January 31 of the following year. Employees will need to use their W-2 to file their income taxes. Self-employed workers should make estimated tax payments to avoid penalties and interest
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