Hello! I have started an hourly job (main source of income) and have a side job that starts soon. I have a W4 for both of those jobs, and federal taxes automatically get taken out of each paycheck. After some reading, I tried to use a calculator to help me out, and I decided to withhold and additional $78 for each paycheck from just the main source of income and then withhold an additional $0 from the side job.
Does this seem like a reasonable strategy? I read about penalties if I withhold too little. How severe are these penalties? I'd like to keep as much of my paycheck as possible, but I don't want to hurt myself later come tax season. Thank you for your time!!
