Thank you, this is helpful. We used the IRS multiple jobs worksheet and table and found that the amount at the intersection of both jobs is 6270. We did the calculations on the worksheet and ended up with $242 on line 4. We are just confused if this is tax that is in addition to what is already being withheld on the higher income or if we subtract what is currently being withheld and put that as the additional to be withheld (on line 4c of the W-4).
To put it another way: is that $6270 the tax on all $133K of income or is it the tax on just the $23K?
Part 2 of our question: will this additional withholding take care of self-employment tax or should we be arranging for paying quarterly taxes for that income, as well?
Part 3 (it's ok if you don't know this answer, as this forum is about W-4): what do we do about state taxes?? We are in Oklahoma. Is there a way to do the same type of calculation for state taxes?
