Cash and Credit Information for Teens: Tips for a Successful by Karen Bellenir

By Karen Bellenir

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The great idea—now what? Before starting out, list your reasons for wanting to go into business. Some of the most common reasons for starting a business are as follows: 42 Cash and Credit Information for Teens, Second Edition • You want to be your own boss • You want financial independence • You want creative freedom • You want to fully use your skills and knowledge Then identify the niche your business will fill. Conduct the necessary research to answer these questions: • Is my idea practical, and will it fill a need?

This is an additional ✤ It’s A Fact!! amount allocated to you if tips you reEmployees complete ported to your employer were less than Form W-4, Employee’s the minimum amount expected to be Withholding Allowance Cerearned by employees where you tificate. Employers use Form Wwork. 4 to determine how much federal income tax to withhold. The amount of federal income tax withholding depends on the employee’s marital status, the number of withholding allowances claimed by the employee, any additional amount the employee wants to withhold, and any exemptions from withholding that the employee claims.

What hours can youth work? m. m. You can work no more than: • 3 hours on a school day, • 18 hours in a school week, • 8 hours on a non-school day, and • 40 hours in non-school week. If you are 16 or older, you can work any day, any time of day, and for any number of hours. There are no restrictions on the work hours of youth age 16 or older. Different rules apply to farms, and individual states may have stricter rules. S. gov), 2008. Once You’ve Made Some Money, Save Some How much should you save?

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