How does a full time job and part time job effect my taxes?
I have been with the same company for over a year but i have hit some tough times. I am considering getting a second job. It will be part time. I am currently single student living at home. Who files sepreate from my parents. I am listed a single with 0 dependents and i usually get about 2000 back. How will this affect me. Do i get less back or how does it work.
Asked By: Jeffrey V - 10/29/2008
Best Answer - Chosen by Asker
You pay tax on all your income. A full time job, being a full time student, and a part time job, that can be a strain (I know, I've done it... More
Answered By: Charles G - 10/29/2008
Additional Answers (5)
The only way to know for sure is to dummy up tax returns (you can use the blank form from the year before) and see how close you are. See also 1040ES.
Answered By: v b - 10/29/2008
In the US we have what is called a graduated tax system. That means the more you make, the higher of a percentage you will pay... More
Answered By: dewcoons - 10/29/2008
You may get less back or you may get more back depending on the amount withheld.
Answered By: Clark Kent - 10/29/2008
If with zero allowances on you W-4 at your first job, you get $2,000 back, then if you do the same on your second job, you would have to make in excess of $8,000 more on your second job to possibly owe any money when you file your taxes... More
Answered By: ninasgramma - 10/29/2008
The tax you pay is the same as if you made the same amount from one job as from the two jobs. Where it gets tricky is the withholding they do. They might not withhold enough, since each job withholds as if they are your only job, but you pay taxes at a higher rate because it's based on your TOTAL income..
Answered By: Judy - 10/29/2008
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