CPA Dave Young of the New York State Society of CPAs discussed how to prepare your teen for a summer job Monday during News 8 at Sunrise.
“There might be some rules depending on how old they are, how many hours they can work, which will work into their schedule and transportation,” said Young.
During an interview for a summer job, Young said keep the cell phone out of sight and be engaged. Dress for success during the interview and once you have the job.
Young also addressed the financial aspects of a summer job and some teachable opportunities for parents. “So when they come home, they’ll have their W-4s. It’s a good opportunity for you to sit down with them. Explain to them what the paperwork means, how to fill it out. With this new tax code change, they actually can make up to $12,000 without any Federal income tax. New York still will tax them at a lower threshold. But it’s a good opportunity for them to start filling out their paperwork themselves. A week or two into the job, they’re going to get their first pay stub. It’s another opportunity for you to sit down with your teen and explain to them – hey, this is all the money coming out of your paycheck and where it goes and what it means. And it’s a really great opportunity to sit down with your teen and talk about basic budgeting. All the teens are going to have goals. They’re going to want the clothes. They might want a new car. They might be saving for college. A portion of their earnings will go into their savings bucket. Some money is going to go out in taxes, and some money should just be for them to enjoy themselves. And it’s a good opportunity to lay down a basic foundation for your teen, you know, so they can have success throughout their entire life. It’s a good opportunity to sit down and explain to your teen, this is how life works, it’s your first job, and this is how it’s going to be for the rest of your working career. Set some goals and have a budget.”