I have not worked in 2 years and will probably go back later this year. My husband works and we have 4 children ( 13, 13, 15, 17). I am trying to figure out if going back full time makes sense or if I can work part time. I just can't figure out what will happen to us with taxes.
2007-02-07 14:37:53 · 2 answers · asked by doriainsd 1 in Business & Finance ➔ Taxes ➔ United States
Your income will go up, so you'll pay more taxes. What the total impact will be depends upon your current income and how much extra you bring in. Just make sure that you have sufficient tax withheld from your wages. You and your spouse will need to carefully coodinate your W4 withholdings.
2007-02-07 14:43:12 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
There's too many variables to tell you in this forum. However, there never is apoint where if you earn another dollar, you will be taxed at a dollar or more. So the more you earn, ultimately, the more you keep. You just won't get to keep a whole dollar!
2007-02-07 22:42:14 · answer #2 · answered by WealthBuilder 4 · 1⤊ 0⤋