My partner works 2 full-time jobs and is a high earner, and we do not understand how to fill out his W4 form so he can take out the appropriate amount. He files as single with no dependents. How do we use the online calculator in this scenario to understand how much he needs to take out, and how do we fill out the new (more complicated) form to address the "multiple jobs worksheet" section?
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When there are multiple jobs to consider -- either for one person or for a couple filing a joint return -- you want to make sure that you are looking at the full version of the W-4 provided by the IRS: IRS Form W-4 (2024). The version provided by many employers only contains the form from the first page and not the rest of the instructions.
The IRS provides a https://www.irs.gov/individuals/tax-withholding-estimator that can make the necessary calculations for multiple jobs and provide you with downloadable copies of W-4s for each individual job.
You'll want to have his most recent paystubs for both jobs in hand when you start that calculator. The calculator will ask you for additional information related to his job (401k contributions, medical insurance premiums, etc.).
You can also enter information about other income (interest, investments, etc.) and adjustments to income (such as student loan interest deductions) and itemized or standard deductions. Basically -- you can enter as much detail as you care to -- the more detail you have, the closer the estimate will be to the actual tax return.
If you use the online calculator, it will provide PDF copies of the W-4s for you.
If you use the worksheet in the W-4 instructions, the worksheet will result in an additional amount to be withheld from his highest-paying job to make sure that the overall withholding will be high enough at the end of the year.
If his two jobs pay approximately the same amount, then you can use the last option in Step 2 and just check the box saying that there are two equal jobs.
When there are multiple jobs to consider -- either for one person or for a couple filing a joint return -- you want to make sure that you are looking at the full version of the W-4 provided by the IRS: IRS Form W-4 (2024). The version provided by many employers only contains the form from the first page and not the rest of the instructions.
The IRS provides a https://www.irs.gov/individuals/tax-withholding-estimator that can make the necessary calculations for multiple jobs and provide you with downloadable copies of W-4s for each individual job.
You'll want to have his most recent paystubs for both jobs in hand when you start that calculator. The calculator will ask you for additional information related to his job (401k contributions, medical insurance premiums, etc.).
You can also enter information about other income (interest, investments, etc.) and adjustments to income (such as student loan interest deductions) and itemized or standard deductions. Basically -- you can enter as much detail as you care to -- the more detail you have, the closer the estimate will be to the actual tax return.
If you use the online calculator, it will provide PDF copies of the W-4s for you.
If you use the worksheet in the W-4 instructions, the worksheet will result in an additional amount to be withheld from his highest-paying job to make sure that the overall withholding will be high enough at the end of the year.
If his two jobs pay approximately the same amount, then you can use the last option in Step 2 and just check the box saying that there are two equal jobs.
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