I have 3 part-time jobs, all pay relatively the same. On all 3 W4s, I claim 0 allowances. What impact does this have?

[ncastelan]

*I live in NJ* and I have 3 part-time jobs all paying between $13 - $18 an hour. On all my NJ-W4s (State of New Jersey - Division of Taxation Employee’s Withholding Allowance Certificate) for the jobs, I claimed 0 (zero) allowances on since I was confused by the calculations on the multiple jobs worksheet. I am filing single, claim no dependents, and filled out the federal W4 form (yes I had to fill out both a federal and the NJ State w4s) Steps 3 and 4 with all $0.00 (no deductions and no extra withholdings). How will this impact my tax return? What about my paychecks? 

Thank you for the help in advance. 

[VolvoGirl]

You pay tax on your total income for the year no matter how many jobs you have.  Each job is holding out the amount for that one job like it's the only job you have.   But when you have more than one job (W2)  the total income for all all might put you into a higher tax bracket.  So you may end up short for the year.  Claiming Single and 0 should work out ok.

[VolvoGirl]

Try this, Here's the link for the current TaxCaster tool:

https://turbotax.intuit.com/tax-tools/calculators/taxcaster/

[VolvoGirl]

Or this one.  Next year W4 estimator

https://turbotax.intuit.com/tax-tools/calculators/w4/

[rjs]

The new W-4 form for 2020 and later doesn't use allowances anymore, so you no longer "claim 0 allowances" or any other number of allowances. The new form works differently. Use the Tax Withholding Estimator on the IRS web site to figure out what to put on your W-4 forms. It will let you adjust your withholding to get the approximate refund amount that you want.

Tax Withholding Estimator

[ncastelan]

Thank you for your response! So the chances of me owing the IRS money come tax season are smaller given that I claimed single and 0 on all w4s?

[rjs]

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@ncastelan wrote:

So the chances of me owing the IRS money come tax season are smaller given that I claimed single and 0 on all w4s?

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That's true. It doesn't mean you won't owe, it just means that the chances of owing are smaller. If you really want to know where you stand, and whether you should adjust your withholding for the rest of the year, instead of just guessing, use the TurboTax W-4 Withholding Calculator or the IRS Tax Withholding Estimator.

If you do make changes to your W-4s, check again at the beginning of next year. What you do for the remaining months of this year might not be suitable for a full year.