I have two jobs, one a salaried position (~$75K / year) and a second position in which I am paid hourly (estimated ~$20k / year, assuming 30 hours per pay period at a rate of $28 / hour). From my understanding, I will need to have additional federal income tax withheld so that I do not under-withhold throughout the year. I have attempted to estimate this by using both the IRS tax withholding estimator (http://www.irs.gov/W4App) and the Multiple Jobs Worksheet found on the 2022 W4 Form, but got very different answers when comparing the two.
The IRS estimator stated that I need $455 withheld from the salaried position per paycheck, $134 more than currently withheld. And $6 withheld from the second, hourly position, whereas my first paycheck actually had $53 withheld for federal income tax purposes, $47 less than suggested. Netted together, it seems like I need at least an additional $87 withheld in total.
Whereas, when I found the intersection of the two pre-tax income amounts on the Multiple Jobs Worksheet, it was a value of $4,680 additional tax withheld, or ~$180 EXTRA per pay check (assuming 26 pay periods).
These are vastly different amounts, so I am looking for advice as to which is more accurate, or help with troubleshooting so that I have the correct additional amount withheld to not have to pay additional taxes in 2023 when filing for the 2022 tax year.
