Both W-2s must be included in your tax return. More income will create more tax and therefore you could see a reduced refund. The tax rates are graduated based on income level (see below).
Review your federal withholding on each portion/W-2. If you think you need more then you can complete a new W-4 for your paycheck withholding amounts for 2023.
Marginal Rates As Example: For tax year 2022, the top tax rate remains 37% for individual single taxpayers with incomes greater than $539,900 ($647,850 for married couples filing jointly).
The other rates are:
35%, for incomes over $215,950 ($431,900 for married couples filing jointly);
32% for incomes over $170,050 ($340,100 for married couples filing jointly);
24% for incomes over $89,075 ($178,150 for married couples filing jointly);
22% for incomes over $41,775 ($83,550 for married couples filing jointly);
12% for incomes over $10,275 ($20,550 for married couples filing jointly).
The lowest rate is 10% for incomes of single individuals with incomes of $10,275 or less ($20,550 for married couples filing jointly).
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