Check Your Income Tax Withholding
Students who work part-time usually have no federal income tax withheld from their pay. This is done so students can earn up to $4,300 (one standard deduction) without paying federal tax. If you graduate in May and start working right away, you may find that your income is such that you will owe tax on your part-time income. So, make an estimate of your total taxable income for the year, calculate the tax and compare the result to your estimated withholdings for the whole year. If it looks like you will owe additional tax, increase your withholdings right away.