During the summer months, students end up with various types of jobs. Listed below are several tax tips the IRS wants you to know about student income.
1. As student end up with many various types of jobs, make sure the withholdings are correct and consistent.
2. All income (incuding tips and self employment) greater than $400 are taxable and must be reported.
3. Exceptions may apply to students under 18 yrs old who are in the business of industries such as newpaper delivery.
source: http://www.irs.gov/newsroom/article/0,,id=210802,00.html
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