I would like to work 2 jobs, so I can enough money to pay off debts and finish paying off my car note. My question is will this affect me on filing my tax reports?
2006-11-09 10:20:28 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
I don't want to wind up owing Uncle Sam. Thanks for the answers in advance.
2006-11-09 10:35:33 · update #1
When you work two jobs you frequently run the risk of under withholding. As the withholding on each assumes that they are the only income and both take into account the standard deduction and exemptions that you would have. It is sometime difficult to determine how much you should take out however the second page of form W-4 makes a pretty good effort at explaining how to go about it. The link below will take you to that form. Another way of figuring out how much you should take out is to due a practice tax return with your expected total income and see that you W-4's conform to the tax due.
http://www.irs.gov/pub/irs-pdf/fw4.pdf?portlet=3
2006-11-09 10:44:43 · answer #1 · answered by ? 6 · 2⤊ 1⤋
If you are not careful in the way you fill out your w4 deductions forms you could be facing a tax deficit at the end of the year due to your additional income. It is always smart for a single person to file a w4 as a single person and also for an additional amount to be taken out as well to help avoid this problem and probably have a refund coming to you at tax time.
2006-11-09 18:30:46 · answer #2 · answered by Anonymous · 2⤊ 0⤋
Everyone who is single pays the most taxes. If you have one steady job and have part-time second job you are required to fill out a w-4 form that indicates that you are already claiming S-0 on the first job and your second job will be taking out less taxes because of the first job. This will not have any effect on your tax return. I remember being jealous of others who had dependents and always got alot of child care credit which also meant that they got a new car also.
2006-11-09 19:07:35 · answer #3 · answered by Mona 2 · 1⤊ 1⤋
Two jobs, two W-2 forms both must be filed on your tax report
2006-11-09 18:28:35 · answer #4 · answered by Anonymous · 2⤊ 0⤋
Mathew's answer is right on. I like the practice return method myself. One additional approach is the IRS withholding calculator. The link below will open it.
2006-11-09 20:39:57 · answer #5 · answered by STEVEN F 7 · 2⤊ 0⤋