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.