Taking Out Taxes

Hello, all!

I live in Illinois, but was lucky enough to get a paid internship in NJ this summer. The only problem is figuring out the taxes! Does anyone have any advice for me?

--Courtney

Letigre937 said:

Hello, all!

I live in Illinois, but was lucky enough to get a paid internship in NJ this summer. The only problem is figuring out the taxes! Does anyone have any advice for me?

--Courtney

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Well, if you are to be paid as a regular employee, on a W2, then the appropriate taxes will be withheld. If you are going to be paid on a 1099 (which often happens with interns) then you will have to hold back at least 15% of your wages to cover social security and medicare taxes, and then whether or not you also need to hold back money for federal and state income taxes depends on how much you will be earning for the year, and whether or not you are your parent's dependent.