i have 2 jobs. one takes out taxes and the other does not. Unexpectidely, I ended up working alot in my 2nd p/t time job, where they did not take out taxes (no Fed income, no CCN, and no medicare). I can handle the payment for the fed taxes but I am not sure about what do I do about the other two....need help... I dont know if this helps but I was a student till may '07 last year....
2007-03-25 09:29:53 · 4 answers · asked by gaurav_43 1 in Business & Finance ➔ Taxes ➔ United States
i have 2 jobs. one takes out taxes and the other does not. Unexpectidely, I ended up working alot in my 2nd p/t time job, where they did not take out taxes (no Fed income, no CCN, and no medicare). I can handle the payment for the fed taxes but I am not sure about what do I do about the other two....need help... I dont know if this helps but I was a student till may '07 last year....
1st job is a sallary paid job - tax deducted
the other job is at a school part time no taxes were deducted
2007-03-25 09:55:04 · update #1
Kinda missing some info, but if you are taxed as a private contractor then you can get a lot of deductions like traveling and expenses. You can also get a deduction for the money you spent on school, they should have sent you a form.
2007-03-25 09:39:22 · answer #1 · answered by good golly! 3 · 1⤊ 0⤋
Being a student doesn't change anything as far as the tax you owe.
If your second job was as an independent contractor (you got a 1099 for it), then you'll owe not only income taxes, but also self-employment tax of 15.3% for social security and medicare if you're in the US.
2007-03-25 09:40:15 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
guarav, this is what I did when they did this to ;me, On the job where they didn't take out taxes,, every check they gave me, I put 10% of it in a savings account just for this purpose only! When it was time to do taxes, I had the money in the savings account, to pay the taxes I owed the IRS, plus my money had earned interest while sitting in the bank account! And from then on that is what I do when I get a job that doesn't take out taxes, I just take out the taxes myself, and earn interest on it, and not let the IRS hold it for me!
2007-03-27 07:28:26 · answer #3 · answered by musicman 5 · 0⤊ 0⤋
Being a student will definitely help in easing your tax burden. As there is Education credit you may qualify for, your institution will mail you a form 1098 T, this will help. Moreso, you can claim some expenses like travelling & transportation, from your second job as I am assuming you will have a 1099 MISC, this will also help in reducing your tax burden.
2007-03-25 10:27:10 · answer #4 · answered by Ola 4 · 0⤊ 1⤋