Posted on: 10th Apr, 2010 04:05 am
Hi there… need some suggestions… I have two jobs at present... this is because my original employer reduced my wages. In order to pay loans and other utilities, I took up another job. Now that I've 2 jobs, can someone explain how this will affect my taxes?
Hi Guest,
In case you have income from more than one job at the same time, you need to complete only one set of Form W4 worksheets. You can then split your allowances between each of the jobs. It is not possible to claim the same allowances from two employers simultaneously. You will either have to divide them and claim all the allowances with one employer and no allowances with the other.
In case you have income from more than one job at the same time, you need to complete only one set of Form W4 worksheets. You can then split your allowances between each of the jobs. It is not possible to claim the same allowances from two employers simultaneously. You will either have to divide them and claim all the allowances with one employer and no allowances with the other.
As far as I know, it used to be a rule that on your employment declaration you will have to mention whether or not it was a second job and your employer then deducted tax at the top marginal rate. In my opinion, you don't have to pay more taxes if you have two jobs. You can contact a tax advicer and he would help you with the rules in this regard and let you know how much tax you need to pay.
wow...i didn't read this original post as having anything to do with a W4 form. as far as i'm concerned, all that needs to be done is to prepare that form as it would ordinarily be completed, without specific regard to whether one is a first or second job. the taxing authorities (government) doesn't care how someone fills it out, as long as that person is conscious of that the form will mean in terms of tax liability.
when W2 forms are issued at the close of the year, they'll be combined, as will the tax withheld, of course. the poster will then prepare his 1040 form with those combined numbers and pay the appropriate tax (or not, if due a refund).
honestly, it seemed simpler to me.
when W2 forms are issued at the close of the year, they'll be combined, as will the tax withheld, of course. the poster will then prepare his 1040 form with those combined numbers and pay the appropriate tax (or not, if due a refund).
honestly, it seemed simpler to me.
