Family Living Focus by Sarah Siegel Clarion Co. Extension Agent It’s Your First Paycheck As A Teen-ager You’ve just been hired for the greatest summer job ever. You’ll have to fill out some forms to get the payroll process started with your new employer. And you’ll have to take responsibility for managing your earnings. The first form you’ll have to complete is the IRS W-4, the Employee’s Withholding Allow ance Certificate. Fill in your name, address, and social securi ty number in the appropriate blanks. If you are living at home with your parents and they are providing all or nearly all of your support, you will check the single box and claim zero allowances. This information tells the pay roll department how to compute your federal income tax. The fed- OC HUTCH w/CD-STORAGE | Green, Natural t Close Out M 99 95 * ' TRI COLOR BUNK BED \ 3 inch post, DISTRIBUTOR’S REFUSAL ( La»t s l29^ le Th( ' TWII'i/DOUBLE \ wfa FITOPI BUNK | jin Black Red. . White, w/8' ' T' ' I tl Futon Mattress | Reg. Ret. F~ » n $898.95 I SPECIAL J 5 PC. BEDROOM SET \ light Oak, Pedestal Tbl, 42” Round | w/4 Arrowback Chairs AMBi “jCtest-Out 1225! 5 J 'a ~ PC DINING ROOM " '•§ Dbl Pedestal Table. 42 x 60 x 78 x 96 I (1 Leaf is Self Storing) i Wagon Wheel Chairs, 2 Arm and 4 Side > n fflftriffirr ft Our Price 7 _ HIDE-XiED w/lnner Spring I Reg. Ret. $699.95 MHMBS3 Our Price j TM9AS FACTORS SELECT *299** FIVE PIECE DINETTE ' Table & Four Chairs - Natural, _ Jjjjtfj White/Natural, Green/Natural Reg. Ret. $1,029.95 Cash Price $469.95 Vlv ' CLOSEOUT $ 249 88r * VW^ ' ’ M ' 'I ' eral income tax is a graduated tax, meaning that the percentage of your earnings that is taken from your paycheck will vary de pending on your personal cir cumstances. As a general rule, the more you make, the higher the taxing percentage. A single person has a higher percentage than a married person with the same income. Depending on where you live, you may have to complete a sim ilar form for state income and/or local income taxes. Your employ er may ask you to fill out other forms as weU. For instance, your paycheck may be deposited di rectly into your bank account in which case you will need to pro vide your account number. On pay day you will receive a paper notice of the transaction but no actual check. 5 DRAWER CHEST ' Brown Cherry Finish I BReg. Retail ■ $699.95 Our Price I 5369 J& Closeout 1 $ 249 95 ' / SECTIONAL SLEEPER \ '- ovesea *' | Recliners, Sofaj Factory Liquidation w/Hide-a-Bed Reg. Ret. $2,589.95 Close Out | Our Cash Price *94988; / GLIDER ROCKER ' Available in Blue, li I Beige, Green H 'I I Reg. Ret. $159.95 jj! , Cash Price s«t^ I Special I S 79 M i&SS* t 7 PC. DINING ROOM w/BDTTERFLY . Obl Pedlstal Table w/Tlie TOp, Butterfly • Leaf and 6 Spmdleback Chairs i n- Reg. Ret. 1 $2169 | Our Price f JT'< rf'V' -lesfcte I ' -V. *r \95 , 5 PC. DINING KM. N PEDESTAL TABLE | With Tile Top & 4 Arrowback Chairs I a SMI «.^, R *9 Re» JI3M.SS . », PrlceSßtfcW. 1 CLOSEOUT i - <44 gy YOUTHS/MATE'S BED SET \ Bed Box w/Drawer . Bookcase Headboard & 1 2 Night Stands i irj Reg. Ret. $329.95 Our PricesS6o£Sl wffw CLOSEOUT. 79“' ry Day Of The Year” ;OM SET ' eeil Reg. Ret. $149.95 FACTORY SPECIAL $ 39 04 SSSj ~.069.95 SWtiML. 99 95 Reg. Ret. $389.95 B&afelfe Our PrlceTttSAS closeout *89 04 b. _Jr* ' 1 ' FUTON CLOSEOUT \ * In Black and White . * Comes w/8" Mattress 1 139 95 i ' 7PC DINING ROOM \ Empire Pedestal Table 42x42 w/18 Leaf 6 Arrowback Chairs, Natural Reg. Ret. $1489. Our Price - ' ' 4 PC. BEDROOM SET Cherry Finish, Dresser, Mirror, Headbord and Armoire : LANCASTER • YORK • CARLISLE IE HOURS; Mon.-Fri. 9-9 • Sat. 9-6; Sunday 12 to 5 PM Stores ST' OPEN MEMORIAL DAY, MONDAY, MAY 28TH • Hours 9-5:30 • No Refund! aA,lSa,nFlnal For purchases with a check, bring FINANCING • Ceeh t Carry driver* license and phone number* AVAILABLE —"•« We reserve the right to substitute oiti ilems^ So now it’s you first payday. You are making $6 an hour and you worked 30 hours last week. You’ll be getting $lBO, right? Wrong! You forgot the taxes that will be deducted. We already talked about federal income taxes. State income taxes will vary by state. Pennsylvania has a flat tax rate of 2.8 percent times your gross pay. (Gross pay is the amount you earned before taxes, in our example $180.) Other states have different sys tems. Your local tax may be flat, graduated or there may not even be a local income tax. Then there are social security and Medicare taxes. Social security is 6.2 per cent of gross pay and Medicare is 1.45 percent. So your net pay is likely to be between $l5O and $l6O dollars. Shocking, isn’t it. Not fair! Just remember the road you drove over and the school you at tend are paid for with tax dol lars. For further explanation of fed eral income tax, see www.irs.gov/taxi/index.html and click on It’s Payday. So now you have all this money. Good fiin, here we come! Wait a minute, let’s think about this. Do you want to go to col lege? Is the French Club going to Paris next spring? Will you have 4 DRAWER CHEST Pine Finish , RECLINER SPECIAL to pay your own car insurance? Set some long term financial goals for yourself. Then design a plan so you save money to meet these goals. First, find out what your necessary summer expenses will be. Will you have bus fare, gaso line costs, or special clothing re quirements? After you have bud geted for these necessary expenses, set aside a specific amount into a savings account each payday and keep your hands off of it. You may be able to arrange with your bank to au tomatically transfer a specific amount to a savings account each payday. This works if you receive the same amount each paycheck and you have direct deposit. Then watch the rest of your spending to get the most for your money. If you don’t have a credit card, don’t get one. If you do, leave it hidden in your sock drawer. Likewise, your ATM card. You can avoid unnecessary spending if you don’t have ready access to money. Often, you’ll find you don’t really need an item once you think about it. Ask your parents how they manage their money. They may not be comfortable giving you specific dollar amounts but will share the mechanisms they have used to meet their goals. Have fun at your first job. The good money management habits you start now will last your lifetime. Lancaster Fanning, Saturday, May 19,2001-B5 Family Farm Days At Oregon Dairy LANCASTER (Lancaster Co.) Thousands of attendees are ex pected to have a moo-ving expe rience at The Lancaster Cham ber of Commerce and Industry and Oregon Dairy’s Family Farm Days. This free event will be held Tuesday, June 12 through Thursday, June 14 from 11 a.m. to 7 p.m. at Oregon Dairy. Last year more than 8,000 at tendees turned out to enjoy a va riety of dairy- and agriculture-re lated activities in celebration of June as National Dairy Month. Plans for this year’s Family Farm Days will include a wagon ride tour of the Oregon Dairy farm, live chick hatching, agri cultural exhibits, and ice cream and milk samples. Kids will enjoy the straw tunnel, pony rides, and a scavenger hunt each child who enters will receive a free ice cream sundae. Chicken barbecue dinners will be avail able for $2.50. Oregon Dairy is located on Route 272, north of downtown Lancaster. For more information about Family Farm Days or Na tional Dairy Month, contact Brent Landis at (717) 397-3531, ext. 134.
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