1. Line 4c on the W-4 is for "extra withholding" per pay period. The $6270 represents the estimated additional tax you might owe for the year due to having multiple jobs, which can push you into a higher tax bracket or reduce deductions. The $242 is in addition to what's already being withheld based on your other W-4 inputs. It doesn't replace the current withholdings; it supplements it to account for the extra tax liability from multiple jobs. The $6270 isn't the tax on the full $133K of income it is the tax on the additional $23K of income.
2. The $242 additional withholding on your W-4 is for Federal income tax, not self-employed tax. You should arrange for quarterly estimated taxes to include the 15.3% for self employment tax.
3. State Taxes in Oklahoma: Oklahoma doesn't have a specific multiple jobs worksheet, but you can estimate additional state tax using their rates (0.25% to 4.75%) on your income. You'd need to estimate your state tax on the $133K, subtract what's already being withheld, and divide the remainder by your pay periods to add to your state withholdings on Form OK W-4.
Additional Resources
Have an amazing day! Zachary W (CPA 9+ years)
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