15 Basic Money Saving Tips

6. Know How Much the Tax Man Takes

It is not uncommon for people of all ages in the work force to simply not know how their taxes work. Many Americans simply assume that their employer will get the appropriate amount of State, Federal, and FICA kept out of their paycheck without checking the math. There are also some big tax consequences when it comes to dealing with investments if one makes a bad decision with how to handle sales or transfers of investments throughout the year. Luckily, the basics of the American tax code are freely available through the IRS, and there is no shortage of experts available to deliver advice to those in need. Before accepting a new job or a raise, one should always understand exactly how much of that pay raise will actually be left after taxes are taken out of the check.