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Lauraw0715
Returning Member

Job changes in 2022

Hi there! I had a full time job that ended June 30, and another full time job that I picked up on July 11th. I also have a part-time job that I work about 10 hours a week (with a W-2), and another part time job that I receive a 1099 for. I'd love any advice on how to fill out my W2s for the new fulltime and the part-time job so I can change them as soon as possible. I do not want to owe any taxes and would like it taken out during the year. 

 

Thanks for any help! 

2 Replies
shirleyh88
Employee Tax Expert

Job changes in 2022

Hello Lauraw0715,

 

Thank you for your questions. I am happy to assist you.

 

The new form has three main sections that you have to complete to determine your withholding and you complete the section that applies to your situation. There are 4 steps for you to complete:

  • Personal information
  • Multiple jobs or spouse works
  • Claim dependents
  • Other adjustments

https://www.irs.gov/pub/irs-pdf/fw4.pdf

 

Since you have multiple jobs, you should complete Step 2B where you would use the Jobs Worksheet on page 3 of the form and input the result in Step 4C. This will help determine your withholding tax amount.

 

In order to avoid paying taxes, you would have to have a higher federal tax withholding taken out of your paycheck so the total tax payments that you have made throughout the year will be higher than the taxes you owe.

 

Finding the right balance with the right amount of take home pay and not owing any taxes when you file your tax return can be a little bit tricky. It is a trial and error process.

 

You can utilize the following Form W4 calculator to more accurately estimate how much withholding should be taken out of your paycheck:

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

 

Please let me know if this answers your questions, or if I can be of further assistance.

 

Thank you!

 

Shirleyh88

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conniem123
Employee Tax Expert

Job changes in 2022

Hi Lauraw0715!  It can be tricky finding the right amount of withholding so you don't owe tax when you file your tax return!  Even more so with your situation of multiple sources of income.  There is a great tool, the W-4 Calculator , that takes you step-by-step through the worksheet,

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

 

To ensure accuracy, use your combined income to figure out the appropriate withholding.  Since you also have self employed income with no taxes withheld, you could adjust the W-4 withholdings at your main job to account for the increase in income.

 

Many newly self-employed people are surprised at their tax bills at the end of the year because they notice they're suddenly paying a lot more in tax as a self-employed person than as an employee. That's because they're carrying the full burden of paying for their Social Security and Medicare.  Here's a great article on the self-employed tax if you are new to being an independent contractor and receiving a Form 1099-NEC , rather than a Form W-2 at the end of the year.

 

https://turbotax.intuit.com/tax-tips/self-employment-taxes/the-self-employment-tax/L8xXjolB4

 

I hope you find this helpful!

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