First Job or Part-Time Job

Your First Job!

This is an important road you are taking to building your work experience. It may seem a little confusing that first day when you are asked to fill out more paperwork. Depending on the type and size of the business you are working for, there may be several forms to complete. Regardless of the company or person you work for, you will need to complete a W-4 Form. To find out more about what this form is used for, go to the Your Colorado L.I.F.E. webpage Starting a New Job? W-4 Info 

Your First Paycheck

The amount of your first paycheck may be different than you were expecting. Depending on where you live there could be several types of deductions.  Here is a brief description of the common deductions: 

Visit the following IRS page to understand more about what an employer withholds from your paycheck.

Working for the Government? 

The division you are working for may not collect Social Security tax.  Government agencies may have their own retirement program.  Please check with your Human Resources representative.

You May Be Asking… Why Is This Money Deducted From My Paycheck?

These taxes and other monies collected allow the government to pay its employees and provide services to our communities.  Some of these services will be familiar to you.  The fire department, the police department, local parks and recreation centers, public libraries – are all funded through taxes.

Yearly Filing of Your Tax Return

At the end of each year, your employer will send you a W-2 form.  The W-2 will report your wages and the taxes withheld for the past year.  You will use the W-2 to file your income tax return. For more information on W-2s, visit the Your Colorado L.I.F.E. webpage W-2 & 1099 Explained.  There you will find an explanation of a W-2 form.

Miscellaneous & Part-Time Income

You may have a part-time job babysitting or mowing your neighbors’ lawns. These services may be taxable based on how much you earned in a year. Use the free IRS tool in the link below to learn more. It will ask you several questions about your income to determine your tax obligation.

IRS: Do I Need to File a Tax Return?    

IRS You Tube:  Part-Time & Summer Jobs  

Federal Tax Information:

Colorado state income tax is different from federal income tax. You must determine your federal income tax by preparing your federal return first. Then you can complete the Colorado return. For information on how to file your federal return and for links to federal/state free filing services, see the Internal Revenue Service website. 

Did You Know?

 Colorado state income tax is different from federal income tax. You must determine your federal income tax by preparing your federal return first. Then you can complete the Colorado return. For information on how to file your federal return and for links to federal/state free filing services, see the Internal Revenue Service website.