Taxes (My first job)

[Spy]

I'm a 17 year old American and about to start my first job (I know, i've been lazy up to this point).

I turn 18 in May of next year and would like to set aside a small part of the money I make towards a poker bankroll so that when I turn 18 I can play some online poker without risking much.

However, because i've never had a job before, i'm not sure how much of what I make is going to end up going towards taxes, so it's harder to calculate how much I will be able to put towards this poker bankroll.

This is probably a really easy question to answer, but if anyone can help me figure this out it'd be much appreciated. (I live in Massachusetts, assuming that makes a difference)

Thanks in advance.

[Wake up CALL]

It depends on how much you make? How long you keep the job? How many hours a week you work before you are fired?

Assuming a typical 17 year olds scenario (not necessarily you): Works hard the first week, is pissed since no check comes till the 2nd week, slacks off some the 2nd week and counts down the hours till PAYDAY,gets a paycheck, gets drunk Friday night, is late to work on Saturday, thinks his boss is being unreasonable, calls his boss a Muther&*^%$#), is terminated, goes home to Mommy who holds him, tells him all will bo OK and hands him a $50 bill after congratulating him on his independence!! [img]/images/graemlins/smile.gif[/img]

[Spy]

Yeah, that's not me. I'm probably keep this job through to the end of May (when i'll graduate from HS), and I won't be getting drunk at any point, what with not drinking and all.

I'm assuming I won't be making much higher than min. wage (6.75) because it's my first job. I'm also assuming i'll be working like 30-40 hours a week.

[PokerFox]

Well, calc it out with a calculator.

You'll prob. be making around $945 a month before taxes assuming all the numbers you gave were ballpark, and getting paid twice a month most likely, so around 460 every 2 weeks, minus taxes, which can be anywhere from 60-95 dollars or more.

Since your parents probably still claim you as a dependant, make sure you fill out that exemption on your W-2. It will allow you a lot more money back from the govt when tax refund time rolls around (and you will love it).

Congrats on the job! Work hard now, go to college if you can, and rise to the top. Poker is definitely a lucrative side income, but for 99% of Americans, not a career. Don't get pulled in too far.

[Cubswin]

Do you think working 30-40 hours a week is realistic with your school work-load? If you have a cake schedule and you have already gotten into college this seems like it could be doable, but if you have classes and want any sort of social life 30-40 hours a week is a lot to take on. Your only young once, just be sure you leave a little bit of free time to enjoy it.

[damedash]

write exempt on your W-2. being a full time student and the likely hood that you won't be making much should make this Okay.