Two Jobs

Forum|Forum|3 years ago
November 16, 2022
4 replies
51 views

Will there be any penalties if I have two jobs, but I only put that I had one job on my W4s with my employers?

VolvoGirl

Level 15

No, not because of the W4. On your tax return you enter all your income and withholding from the W2 you will get in January. If the withholding is more than the tax on your total income you get a refund. Or you may end up owing more tax. So make sure both jobs are taking enough out of your pay. You can give them a new W4 to change the withholding.

emina

Level 5

Hi there Virginia! I'll be happy to assist you with this!
Shortly, no, there is no penalty for having two jobs. However, depending on your income and filing status, you would want to make sure that the correct amount of taxes is withheld from your pay, by entering the correct info on your w4.

virginiachongAuthor

Level 2

Hi Emina,

If I tried the IRS withholding calculator and I entered both job salaries, it showed that I did not need to withhold any additional amount. Is there a way to figure out the correct amount of taxes to withhold from my pay? Will there be any penalties if I do owe money after filing?

emina

Level 5

Awesome, sounds like you are on the right track.
The withholding calculator estimates your taxes (https://apps.irs.gov/app/tax-withholding-estimator). It is not 100% accurate, but it gives a great idea on how much tax should be withheld. It is important to answer all the questions correctly, in order to get the closest estimate.
Here is some helpful info from the IRS website regarding the penalties:

You may avoid the Underpayment of Estimated Tax by Individuals Penalty if:

Your filed tax return shows you owe less than $1,000 or
You paid at least 90% of the tax shown on the return for the taxable year or 100% of the tax shown on the return for the prior year, whichever amount is less.
And of course, the tax must be paid before the filing due date.