Comments on: How many tax exemptions should I claim with my 2nd job? http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/ Tax blog with free tax resources Sat, 19 May 2012 12:00:55 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Judy http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/comment-page-1/#comment-4669 Judy Sun, 14 Mar 2010 10:22:38 +0000 http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/#comment-4669 If you are making around $5000 on the second job, it's not going to matter what you put on your W-4 there - they'll take taxes out as if that was your only job, and since if it was you wouldn't owe anything, they won't withhold for federal income tax no matter what you put on your W-4 there. They'll take social security and medicare, of course, but not income tax. But when you actually do your tax return, the income from the two jobs will add together, and you'll owe around $750 additional income tax because of the $5000 from the second job. What you need to do, and I know you aren't going to want to hear this, is drop your allowances at your FIRST job to zero. They'll take out around $10 a week extra. That, combined with your refund becoming smaller than it has been, should be enough to cover the extra taxes. If you keep the first job at 1 and just claim zero on the 2nd job, you'll probably end up owing $350-$450 when you file your return, instead of getting a refund. If you are making around $5000 on the second job, it’s not going to matter what you put on your W-4 there – they’ll take taxes out as if that was your only job, and since if it was you wouldn’t owe anything, they won’t withhold for federal income tax no matter what you put on your W-4 there. They’ll take social security and medicare, of course, but not income tax. But when you actually do your tax return, the income from the two jobs will add together, and you’ll owe around $750 additional income tax because of the $5000 from the second job.

What you need to do, and I know you aren’t going to want to hear this, is drop your allowances at your FIRST job to zero. They’ll take out around $10 a week extra. That, combined with your refund becoming smaller than it has been, should be enough to cover the extra taxes.

If you keep the first job at 1 and just claim zero on the 2nd job, you’ll probably end up owing $350-$450 when you file your return, instead of getting a refund.

]]> By: Sandy B http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/comment-page-1/#comment-4668 Sandy B Sun, 14 Mar 2010 09:32:47 +0000 http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/#comment-4668 none if you already claimed them on your first job...remember its an annual income no matter how many jobs you have...i think....call the irs they will helop you over the phone with your tax exemption form...they did for me at least... none if you already claimed them on your first job…remember its an annual income no matter how many jobs you have…i think….call the irs they will helop you over the phone with your tax exemption form…they did for me at least…

]]> By: PepsiLime http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/comment-page-1/#comment-4667 PepsiLime Sun, 14 Mar 2010 09:23:47 +0000 http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/#comment-4667 2nd job won't know about earnings from 1st job, and vice versa. They'll withhold at the level they are paying you at, but the combined income from the two jobs could push you into a higher tax bracket. Probably should claim 0 on 2nd job. Here's a website that might help overall though, www.paycheckcity.com, it's a paycheck calculator website. You could enter your information from both jobs as if you were having only one job and see what you'd have to have for federal and state withholding and plan accordingly. 2nd job won’t know about earnings from 1st job, and vice versa. They’ll withhold at the level they are paying you at, but the combined income from the two jobs could push you into a higher tax bracket. Probably should claim 0 on 2nd job. Here’s a website that might help overall though, http://www.paycheckcity.com, it’s a paycheck calculator website. You could enter your information from both jobs as if you were having only one job and see what you’d have to have for federal and state withholding and plan accordingly.

]]> By: bdancer222 http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/comment-page-1/#comment-4666 bdancer222 Sun, 14 Mar 2010 08:47:34 +0000 http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/#comment-4666 Claim your 1 exemption. The withholding charts are designed to take the right amount to come out about even. In fact, if you're getting $300-$400 refunds, maybe you should take an extra exemption. Don't let the government use your money interest free. Claim your 1 exemption. The withholding charts are designed to take the right amount to come out about even.

In fact, if you’re getting $300-$400 refunds, maybe you should take an extra exemption. Don’t let the government use your money interest free.

]]> By: Mike http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/comment-page-1/#comment-4665 Mike Sun, 14 Mar 2010 08:46:19 +0000 http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/#comment-4665 It depends on a lot of variables. If you want to allow the IRS to have an interest-free loan for a year, you can play it safe, claim ZERO, and you can always adjust it in 2009. Your other option is to just do a mock tax return. Look at the tax tables, estimate how much you will make, and what you will owe. It depends on a lot of variables.

If you want to allow the IRS to have an interest-free loan for a year, you can play it safe, claim ZERO, and you can always adjust it in 2009.

Your other option is to just do a mock tax return. Look at the tax tables, estimate how much you will make, and what you will owe.

]]> By: Dr. Deth http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/comment-page-1/#comment-4664 Dr. Deth Sun, 14 Mar 2010 08:00:21 +0000 http://ihelpyouwithtaxes.com/how-many-tax-exemptions-should-i-claim-with-my-2nd-job/#comment-4664 better go with single and 0 (zero) just to be safe better go with single and 0 (zero) just to be safe

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