Here is what you need to know about taxes: If you work in a state with a high state income tax, such as California, Oregon, or Hawaii, you'll also have to factor those in. Once you start bringing home the bacon, you might be obliged to pay federal income taxes.

Starbucks, for instance, provides health coverage, retirement benefits, and tuition assistance to workers who put in 20 hours a week.Įmployers must pay part of your social security and Medicare taxes. Some states have their own rules on overtime pay.įederal law prohibits employers from discriminating against workers based on age, race, religion or gender.ĭepending on your employer's policies, you might receive extra perks beyond your pay. If you work more than 40 hours a week, your employer is required to pay you at least time and a half. One important caveat: It is legal for employers to offer unpaid internships. Employers aren't allowed to deduct money for uniforms or other expenses that would push your pay below the minimum wage. Many states - including California, Massachusetts, and Washington - impose higher minimum wages than the federal standard. You're guaranteed the right to earn at least the federal minimum of $7.25 an hour ($2.13 an hour for tipped employees). So college is the perfect time to learn to take control of your personal finances. Even after you land your dream job, you'll still need to spend wisely and live within your means. 'College is a great time to learn to live within your means,' says Eric Roberge, a certified financial planner who runs Beyond Your Hammock and works with clients in their 20s and 30s. Minimizing your debt now will make life much easier once you're out of school.īeing broke can be part of the college experience, but the savviest students turn the financial pain to their advantage by learning money habits that will serve them well for the rest of their lives. However, that debt can affect your future in all sorts of ways - from what kind of car you can afford, how much you can save for retirement to whether you buy a home or rent. With college costs soaring, more people are accumulating mountains of debt to pay for their education. But financial decisions you make in college will reverberate through your life for years, even decades. College is seen as a time for finding your passion, charting your career path and, of course, partying. As a college student, financial planning is probably the last thing on your mind.

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