Mo Federal Tax on 2nd Job???

Question

okay, I have a full-time job (as well as my hubby) but I need some extra income, so I applied for a part time job.
I got the job and now they have called me back for an interview, but I just today (of course) thought about the outrageous tax rates our lovely government likes to charge us when we have to get a 2nd job....can anybody tell me what the tax rate would be for the 2nd job?
(I live in MO)

Answer 1

The fact that it's a 2nd job has nothing to do with the government taxing you more. It has to do with marginal tax rates. The problem with 2nd jobs is a perception issue. You feel like you're getting squeezed at the end of the year because the 2nd job did not withhold enough from your paycheck to support the tax bracket you are in..

Solution: Simply fill out your W-4 at your second job as single and zero and pay an additional amount each period to fed and state tax. $5-10 should be enough unless you are talking about hundreds of thousands of income from primary employment

Answer 2

Basically your tax rate on the second job will start wherever the first (and your hubby's) leave off. The reason it's higher is that you get one exemption for each of you and one standard deduction or your itemized deductions, but you will likely have essentially used those up with the income from your first job, so you'll pay tax on all of your income from the second job. If your joint gross income is below around $79,000, you'll be paying 15% federal income tax on the second job, plus 7.65% for social security and medicare, plus any state and local income taxes that you are subject to, so you'll still get over 2/3 of your income after tax. If your income is above that, it goes to 25% for federal income tax, and higher if your joint gross income is over $141K.