Why Your Teen Might Be in Shock After Receiving Their First Paycheck

According to a university study it's a common thing...for teens to be startled and disappointed.

While the summer is a time for camps and visits to grandma’s, it’s also a popular time when teens get their first job…and…their first paycheck. The excitement can turn to disappointment quickly when they see just how much was taken out in taxes, social security and other fees. According to a university study it’s a common thing…for teens to be startled and disappointed. But, experts say earning money is a great first step towards financial independence and to remind them…if you’re a teen working a part-time, summer, or side hustle job, it’s important to know when you’re subject to taxes and how you’re expected to pay it. Different tax rules apply for teens, be sure to ask an accountant. The good news is, you may qualify for a refund. The bad news is…you’ll actually have to file to get it. It can be a lot but it’s part of growing up and it’s always best to ask questions from the professionals.