At Gray, Gray & Gray, we are constantly on the lookout for tax and business news that could impact our clients. We are pleased to bring you the following tax tip, courtesy of Accountant Venice Touze.

Let the summer adventures begin. As temperatures heat up and summer break begins, the workplace becomes a classroom to many students. In a "Special Edition Tax Tip" entitled "Summer Job Tax Information," the IRS points out how the work environment is also a great place to learn about the working world and taxes.

Whether you're a student yourself, a parent, a teacher, a business owner, a manager or a human resources administrator, here are six key tax lessons you should be aware of when it comes to summer jobs:

1. How to fill out a Form W-4, Employee's Withholding Allowance Certificate.
2. Receiving more than $20 in cash tips in a month? Be sure to keep a daily record and report the tips to your employer.
3. Mowing lawns, babysitting or cleaning houses? Odd jobs are subject to income tax.
4. Summer jobs may be subject to Social Security and Medicare taxes, even if you don't earn enough to owe income tax.
5. In ROTC? Active duty pay is taxable; food and lodging allowances you receive in advanced training are not.
6. Special rules apply to income earned by newspaper carriers or distributors. Regardless of age, some are treated as self-employed for federal tax purposes if they meet certain criteria.

The IRS website offers additional resources for students on tax information, IRS Withholding, Form W-4, Self-Employment, and more. Please click here for additional details.

As always, Gray, Gray & Gray's Tax Department is happy to help answer any questions you may have about tax issues. Please feel free to contact us at (781) 407-0300.