Do I need to check the box for the Step 2(c): Multiple Jobs section for the W-4 2024 &2023 form, if my estimated tax withholding is $0 from the Tax Withholding Estimator?
I currently am employed with a staffing agency that has side gig jobs that are not steady income and provide different types of work and work positions throughout the year, and I have a part-time seasonal job that I started a few days ago. So would those two jobs be considered as only two jobs for section 2(c) on the w-4 form? I was trying to determine how to estimate it regarding the side gig job (staffing agency). I estimated the amount with using the IRS Tax Withholding Estimator that resulted in $0, I assume that will be estimated around that time, because I also plan to work a full-time job this fall 2024 season. So for a new w-4 form around the fall 2024 season, my circumstances will hopefully change job-wise by then.
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If you have two part-time jobs, I'd consider that as one job. When you have a full-time job later in the year, and another part-time one, then you can say you have another job.
Also, try using this TurboTax W-4 Calculator.
So basically my side gig job (staffing agency) and current new part time job is considered to be part-time jobs? So I don’t need to check the box for step 2(c) for “two jobs” on the W-4 Form?
Okay so, I did use the TurboTax W-4 Calculator, and the results were $0 for everything. I put zero when it asked the question on the TurboTax W-4 Calculator: "How many jobs do you expect to hold this year?" I choose 2 for the side gig job (staffing agency) and the part-time seasonal job that I started last week. I put zero for everything for the part-time seasonal job because I don't expect, so far, to work longer after August 2024 and I haven't got paid for my first pay yet. Therefore, do I leave the step 2: multiple jobs as blank? including the step 4:Other Adjustments blank as well?
Let me clarify my assumptions. I am assuming that you have one job that has tax withholdings (you are issued a W-2 for it). That's why you technically, have one job. I am also assuming that the side gig is treated as self-employment income and there are no tax withholdings (instead of a W-2, you will be receiving a 1099-NEC).
Based on that, you probably want to add your expected net income from the side gig on line 4 of the W-4. Alternatively, you don't include that income on line 4 but instead pay estimated tax payments to cover that income.
As an example for estimated tax payments, I ran the numbers through the TurboTax Calculator (see screenshot), and based on my numbers, I would owe an additional $3,699. This should be paid quarterly to the IRS (remember, there is also state tax due, if applicable to you). Read more about Estimated Tax Payments here.
The side gig (staffing agency) is not self-employment, because I received 2023 W-2 Form this year. And on the 2023 W-2 Form it had no federal income tax withholding. I also received a refund from filing my taxes for this year from the side gig (staffing agency) and another job last year. I left the 2023 and 2024 W-2 Form for Step 2 (c) and Step 4 blank.
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