Dollar Scholars Foundation

Topic 3 of 10

Paychecks and Personal Income Taxes

Understand your pay stub and withholding, handle taxes on gig and cash income, and file for free while claiming every credit you earned. Money Smart has no tax module, so this topic is mostly a Dollar Scholars extension.

Lessons: 3 About 48 min in total

Money Smart for Adults covers pay statements and Form W-4 in Module 3, but it has no module on filing taxes. These three Dollar Scholars lessons fill that gap. Learn what comes out of your paycheck and why, how to handle taxes when you work for yourself, and how to file for free while claiming the credits you earned. The lessons include rules for people who live and work in DC, Maryland, and Virginia, and for people who file with an ITIN. This is general education, not tax advice. For help with your own return, visit a free VITA site.

Builds on Money Smart for Adults

  • Module 3: Your Income and Expenses (Section 1: pay statements, Form W-4, Form 1099-MISC; MSA has no dedicated tax module)

Start the first lesson

Lessons in this topic

  1. Read Your Pay Stub and Fill Out Your W-4

    Learn what each line on your pay stub means, fill out Form W-4 step by step, and avoid a surprise tax bill or a refund that is bigger than it needs to be.

    About 15 min Quiz questions: 5

  2. Taxes on Gig, Cash, and Self-Employment Income

    What independent workers owe, how to set money aside for taxes, when to pay during the year, and simple records that lower your tax bill.

    About 15 min Quiz questions: 5

  3. File for Free and Claim the Credits You Earned

    Find free, trusted tax help, learn ITIN basics, claim the credits many working families miss, and avoid preparers and products that take part of your refund.

    About 18 min Quiz questions: 6