Second Job Taxes

[gbravo1]

Last year I had a full time job and picked up an additional part time job as a tutor. The job was only temporary but I ended up having to pay taxes  for the first time ever. Is there any recommendations or suggestions on how to not owe taxes when having two jobs? Also, what can I do now to not pay so much in taxes next year if I plan on holding two full-time jobs?

[VolvoGirl]

Was the tutor job as a W2 employee or a 1099NEC independent contractor?

[gbravo1]

The second job was as a W-2 employee.

[carmen_t]

Hello, 

Very good question.  There are 2 options you can do.  You can make estimated tax payments for the secondary work as a tutor or update your W4 form at work to account for the increased income to ensure withholdings are account for proper income tax bracket.  If both jobs are W2 issued with withholdings then you will need to update both W4s for each employer.  In addition, I would recommend using a tax calculator like TaxCaster to estimate taxes.  I will also include a really good article about how to estimate your federal withholdings.  

TaxCaster 

W4 Calculator 

How to Estimate Federal Withholdings 

[MelodyB]

Hi gbravo1,

Finding out you owe taxes is frustration!  A lot of people really like our W-4 calculator.  That will help you estimate how much additional withholding you will need.

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

You can also check out the IRS's withholding calculator

https://www.irs.gov/individuals/employees/tax-withholding

[bkaytaxes]

Hello @gbravo1 !

Great questions.  Having two jobs makes things a little more tricky but filling out the W-4 for both jobs accurately will help prevent you from paying too much in taxes!  Here is a link to our W-4 tool: https://turbotax.intuit.com/tax-tools/calculators/w4/

Step 2 on the W-4 addresses having multiple jobs,  and step 3 and 4 should only be completed for the job with the highest pay.   The tool is going to walk you through the steps and how to fill out the form! 

To see were to stand now you can use another tool,  TaxCaster.  This tool can also be used once your withholdings are adjusted to ensure you are on track!  Here is the link: https://turbotax.intuit.com/tax-tools/  

Here is also a little more reading on W-4's if you want to dig a bit deeper!  https://turbotax.intuit.com/tax-tips/irs-tax-forms/form-w-4-and-your-take-home-pay/L4VSEhPez

Have a great day and wish you all the best!