So, if your teen is getting a job over the summer (to pay for their video games and Nikes), remind them of withholding payroll taxes and other items related to them.  The IRS has a tip for students with summer jobs; see the link below:

http://content.govdelivery.com/accounts/USIRS/bulletins/10a442d?reqfrom=share

An important thing for them to remember is that if they are your dependents they can earn $6,200 without paying any income tax, and if they can take their own dependency exemption they can earn over $10,000 without income taxes, so have them adjust their income tax withholding accordingly (social security, medicare tax and many local and state taxes will still be withheld, explaining why their check is so much smaller than what they thought they were going to get.)  It might be a good idea to have them set up a Roth IRA with some of the money, which will get them started on their retirement savings (just a thought!)

 For financial,  accounting and tax musings,