Yes. There are general guidelines to keep in mind when completing your W-4 for each employer. First, if you know your income will be subject to income tax without any additional income from your spouse then every dollar your spouse makes will be subject to tax at your highest tax bracket. The link below will show you the rates based on your taxable income amount. The following link may be helpful. Make sure to read the paragraphs below before you begin.
If you see that the income from your spouse will put you in a particular tax bracket, you can choose to add an extra withholding amount to be taken from either your check or your spouse's check each pay day using Step 4, line 4(c), Form W-4.
- To calculate the amount, use the pay from your spouse (estimated for the year), multiply it by the tax rate based on your combined income from the chart, then divide that by the number of your total number of pay periods remaining for the year. Enter the amount on your W-4, or your spouse's W-4 (not both). This will be used to calculate the full amount of federal withholding for each pay check.
- Use this same formula for your secondary job once you calculate the full tax on that income next.
Your income from your 1099 income will be considered self employment, which requires additional taxes to be paid called self employment tax.
You can use the same formula above, then add the self employment taxes to your calculated personal income tax. See how to calculate self employment tax next.
- Self employment tax equals .062 + .0145 x the next income (after expenses necessary to earn this income).
You can include this amount with your W-4 for your main job or you can choose to send in estimated tax payments for this income. Withholding is usually easier.
If you do not have children then do not complete Step 3 of the W-4 for either of you. If you do, then use it on your W-4 only.
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