• DVM360_Conference_Charlotte,NC_banner
  • ACVCACVC
  • DVM 360
  • Fetch DVM 360Fetch DVM 360
DVM 360
dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care
dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care
By Role
AssociatesOwnersPractice ManagerStudentsTechnicians
Subscriptions
dvm360 Newsletterdvm360 Magazine
News
All News
Association
Breaking News
Conference Coverage
Education
Equine
FDA
Law & Ethics
Market Trends
Medical
Politics
Products
Recalls
Regulatory
Digital Media
dvm360 LIVE!™
Expert Interviews
The Vet Blast Podcast
Medical World News
Pet Connections
The Dilemma Live
Vet Perspectives™
Weekly Newscast
dvm360 Insights™
Publications
All Publications
dvm360
Firstline
Supplements
Vetted
Clinical
All Clinical
Anesthesia
Animal Welfare
Behavior
Cardiology
CBD in Pets
Dentistry
Dermatology
Diabetes
Emergency & Critical Care
Endocrinology
Equine Medicine
Exotic Animal Medicine
Feline Medicine
Gastroenterology
Imaging
Infectious Diseases
Integrative Medicine
Nutrition
Oncology
Ophthalmology
Orthopedics
Pain Management
Parasitology
Pharmacy
Surgery
Toxicology
Urology & Nephrology
Virtual Care
Business
All Business
Business & Personal Finance
Hospital Design
Personnel Management
Practice Finances
Practice Operations
Wellbeing & Lifestyle
Continuing Education
Conferences
Conference Listing
Conference Proceedings
Resources
CBD in Pets
CE Requirements by State
Contests
Veterinary Heroes
Partners
Spotlight Series
Team Meeting in a Box
Toolkit
Top Recommended Veterinary Products
Vet to Vet
  • Contact Us
  • Fetch DVM360 Conference
  • Terms and Conditions
  • Privacy
  • Do Not Sell My Information
  • About Us

© 2023 MJH Life Sciences and dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care. All rights reserved.

Advertisement
By Role
  • Associates
  • Owners
  • Practice Manager
  • Students
  • Technicians
Subscriptions
  • dvm360 Newsletter
  • dvm360 Magazine
  • Contact Us
  • Fetch DVM360 Conference
  • Terms and Conditions
  • Privacy
  • Do Not Sell My Information
  • About Us
  • MJHLS Brand Logo

© 2023 MJH Life Sciences™ and dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care. All rights reserved.

Working students: Do you owe Uncle Sam?

July 6, 2010

Find out if you have to file taxes for your paid veterinary internship or summer job.

You may not think you make enough money to worry about paying taxes, but you'd be surprised. Depending on your situation, your summer job could cost you come next year's tax season. To make sure your second job is helping to pay the bills-and not creating more-follow this advice from accounting professor and lawyer Rick Marmon at Rowan University in Glassboro, N.J. (And if you didn't know, your first job is being a veterinary student.) First things first, let's define your tax situation.

Are you a dependent?

You are if you're under the age of 24 and are a full-time student for the majority of five months during a calendar year. Not a dependent? Click here to get an early start on your tax planning this year.

Will you earn more than $5,700 this year?

Advertisement

Dependents can't reduce their taxable income by their personal exemption, which is $3,650 for 2010. So, if you'll pull in more than $5,700 this year, you'll have a tax liability. However, if you expect to earn less than this magic number, Marmon advises filling out a W-4 with your employer exempting you from tax withholding. You'd ultimately receive a refund from the taxes withheld, so it's a waste of time and money to file a tax return, Marmon says.

Does your unearned income exceed $1,900?

Unearned income is revenue derived from sources other than employment, such as interest and dividends from investments. If yours exceeds $1,900 this year, you'll need to pay tax on the surplus at your parents' marginal tax rate. This stipulation is to prevent parents from putting their stocks and CDs in their children's names.

Are you self-employed?

So much for getting paid “under the table.” Thanks to the self-employment tax, if you earn more than $433 annually, you're required to pay a 15.3 percent tax in addition to any federal income tax required. So be sure to track and account for whatever odd jobs you do in between classes-mowing lawns, washing cars. But don't count babysitting. Babysitters are employees of the parents for whom they work and aren't subject to tax.

For more information on tax obligations for student workers, visit the IRS's website at irs.gov.

Related Content:

BusinessPractice Operations
Veterinary training to expand in Ontario with government investment
Veterinary training to expand in Ontario with government investment
VHMA announces latest class of CVPMs
VHMA announces latest class of CVPMs
New online course for veterinary business at UC Davis
New online course for veterinary business at UC Davis

Advertisement

Latest News

An update on copper concerns in pet foods

Dental hacks to make every case more manageable

Q&A with a keynote: Walter Brown, RVTg, VTS, ECC

News wrap-up: This week’s headlines, plus dvm360® launches its first CE podcast

View More Latest News
Advertisement