W-4
The W-4 form is a federal tax form that determines how much tax is withheld from your check. One space in particular has a large effect on how much is taken out of your paycheck - the number of dependents you claim. Dependents are those people that are financially dependent on you - meaning that you pay more than 50% of their support. You count as one dependent if you support yourself. Children can count as dependents but only one person can claim each child. So if your spouse claims a child as a dependent, you can't claim that child, too. Your spouse may also count as a dependent.

The fewer dependents you claim the more tax will be withheld from your check. This number doesn't affect how much you are taxed at the end of the year - only how much is held from your check to pay your taxes at the end of the year. So, if you want to make sure you don't end up paying a large amount of tax in April, make this number 1 or 0. But if you'd rather have a larger paycheck and you can handle owing a little tax at the end of the year, claim the number of dependent exemptions that you are entitled to on your W-4 worksheet.

I-9
The I-9 is a federal form that the Immigration and Naturalization Service requires. It ensures that you are a United States citizen or, if you are not, that you are eligible to work in this country.

If you are a United States Citizen, you will need to prove it with a passport or two other forms of ID as listed on the I-9 form. The most common proof of citizenship is a drivers license and Social Security card.

If you are not a citizen of the United States, you will need to prove that you are authorized to work in this country. The I-9 lists which documents are acceptable proof of this authorization.

Health insurance
If your employer offers health insurance, you will be required to complete a health insurance application. This is a hefty form and you'll need to give a complete medical history, including hospitalizations, injuries, medications and other details. It may seem like a lot of trouble to go through, but if you end up needing medical attention, you'll be very happy you don't have to pay for it all yourself!

Life insurance
Life insurance can be difficult to think about. It forces us to think of our own death, something many of us like to pretend won't happen. Of course, it will happen but we don't know when. That's where life insurance comes in. If people are depending on your salary, and you suddenly die, not only do they have to deal with the emotional impact of losing someone they love (we'll assume they love you at this point) but they also have to deal with the loss of financial support that you provide.

So think about who would be financially affected by your death the most. This should be your beneficiary - the person who receives payments from your life insurance policy if you should die. If you have a spouse, the law states that that person must be your beneficiary or sign a waiver of that right. Otherwise, you're free to choose. Girlfriends and roommates do not usually make good beneficiaries because those relationships can change quickly. If you don't have a spouse and kids, you may want to list a parent as your beneficiary.

Employee handbook
An employee handbook is created for two main purposes: to let a new employee know what is expected of him or her and to clarify company rules and policies so that all employees are treated fairly. Read over your employee handbook and make sure you understand what is expected of you. You will be expected to adhere to the policies set forth in the handbook, so ask your supervisor or the human resources manager if you have any questions.

401(k)
If your company has a 401(k) program, you'll get paperwork for that, too. Read it over and sign yourself up! A 401(k) program is a great way to start saving for retirement.

A 401(k) plan allows you to take money out of your paycheck and put it into an investment account. You are not taxed on this money until you take it out of the 401(k) account, hopefully when you retire and are in a lower tax bracket.

Some employers also provide matching funds, up to a certain percent of your income. So, for example, if your company offers 50 cents on the dollar up to 3%, that means if you put $50 a month into your 401(k) account, your employer will add an additional $25 to your account. But if you earn $2,000 a month, the maximum your employer will contribute is $30 a month.

The money your employer contributes to your 401(k) account is not automatically yours. You have to be "vested." To be vested, you have to stay with the company for a certain length of time according to the schedule your employer determines. After that time, any money your employer contributes to your 401(k) money IS yours.

One more important fact about 401(k) funds - if you decide to withdraw your money BEFORE you retire, you will pay a 10% penalty to the IRS and be taxed on that money. So only withdraw money from a 401(k) as a last resort! Your employer may allow you to borrow money from your account, without penalty. Even though you will pay interest on the loan, the interest goes right back into your account so you don't actually lose any money by borrowing. Borrowing will, however, slow the growth of your investment.

Paycheck
Just about the only downside to making more money is that you have to pay more taxes. That salary that you've been promised is before tax. What you get after tax seems like some kind of practical joke. It's actually practical life.

The federal government withholds Social Security tax, to pay Social Security benefits to retired and disabled people. They also take out Medicare tax, used to provide health care and hospitalization to the elderly and disabled. Then they take out your federal taxes, which goes toward providing everything from highway repair to student loans (remember those?). Your state and local government will also take out taxes.

Then the rest of the money is yours, right? Um…not yet. If your employer doesn't pay 100% of your benefits, such as health and life insurance, the amount you are responsible for is taken out of your check. If you're making 401(k) contributions, those will also come out of your check.

Now the rest is yours to take home, pay the rent, buy groceries, put into savings..

End of the year taxes
Your employer has one more form for you. You'll receive a W-2 form from your employer sometime in January. This will be a summary of your income for the year as well as all the taxes and other deductions that have been taken out. You will need to submit a copy of this form with your federal, state and local taxes.

Ah, yes. Time to do your taxes. The W-2 form is just the beginning. You could just hire an accountant for $100 or more and not worry about it yourself. But for accountants to properly do the job, you have to provide them with your deductible expenses. Hopefully you saved your receipts throughout the year and so you can add them up and provide your accountant with a list. Which receipts should you save? Therein lies the problem. If you have to learn which receipts to save in the first step, you might as well just go the extra step and do your own tax return.

Here are some rough guidelines about which expenses are deductible:

• Medical expenses
  If you have medical expenses that exceed 7.5% of your adjusted gross income, they are deductible.
• Home office expenses
  To claim this deduction, you must have a space in your home that you use regularly and exclusively for business. If so, you may be able to deduct part of your utility bills and insurance as well as part of your rent.
• Job search expenses
  Printing fees, postage, phone calls, travel expenses and other costs associated with finding a job are deductible. (The expenses of finding your first job after you leave school don't qualify, however.)
• Moving expenses
  If you moved because of work, either to a new job or to a new location for an existing job, your expenses can be deducted.
• Auto expenses
  When you use your vehicle for business travel, excluding the commute to and from work, you can take a per mile deduction. Mileage deductions change frequently so make sure you are using the latest figures.
• Charitable deductions
  Any money you give to a charity and don't receive anything in return is deductible. Auto expenses related to charity work are also deductible, though at a lesser rate than business auto use.
• Tax-preparation fees
  If you hire a tax professional, the fee he or she charges you is deductible.
• Professional dues
  If you're a member of a professional organization, the dues you pay are deductible.
• Subscriptions to professional publications
  Any journal, magazine or other publication that you subscribe to for business purposes can be deducted.

There are other rules that you will need to know to file your taxes accurately. Get the tax forms and read them completely and carefully. If you still believe you can't do your own taxes, then hire a professional. At least you tried and probably learned a great deal about ways to save on taxes throughout the year.