Good afternoon,
I'm completing the W-4 for a new job I'm starting near the end of November, and I'm getting very confused by it. Here's my situation:
My wife is employed full-time. Her employment situation has remained constant all year and is not changing.
I am currently employed full-time, but am starting a new job. I will remain employed at my current job, but on an inconsistent part-time basis (think 2-4 days a month during the school year and 4-5 days a week during school breaks). This will be our second highest paying job this year, but will be the third highest paying job in 2024.
I am about to start working in a job that will be our highest paying job in 2024, but will be our lowest paying job in 2023. This job, which is what I'm completing the W-4 for, is paid weekly during the school year, but not at all during school breaks.
Does anyone have any advice at all about how to approach this W-4 this year, or any of our W-4s next year? This feels like I'm making it way more complicated than it needs to be, but maybe it's actually complicated?
The withholding estimator will probably help a lot next year (although I understand the form may change and the estimator may not be effective?)
For this year, I don't know how to make the estimator count the fact that I'm reducing hours so dramatically at the job I currently have, although with it only being five weeks with the new job situation in 2023, maybe I just want to let it assume I'm still working full hours at that job and get it back on my return.
You may be overthinking what you are doing for 2023 at least, since according to you, you will not start that job until later in November with only a few paychecks to go in 2023. For 2024, forget stressing over the not getting paid during school breaks, etc.-- what matters is how much you earn during the tax year from January to December, regardless of when you receive those paychecks.