I wanted to see if someone would be able to guide me with filling out my W4’s correctly when having two jobs and now a small business. I want to make sure I am avoiding owning taxes and possible receiving a refund.
Hi ClarkC11, It's so tricky finding that sweet spot of withholdings to not owe taxes and not receive a large refund, especially when you have multiple jobs and sources of income.
There is a W4 Calculator that walks you through the steps,
To ensure accuracy, use your combined income to figure out the appropriate withholding.
Once you complete the form, give it to your employer. Then, keep a close eye on your next few paychecks to see how the changes impacted your federal income tax withholding. Keep in mind there is not a full year of 2022 for the change to affect since we are late July already.
You can also use your 2020 tax return as a starting point, and if need can add Additional Withholding in Step 4 (c) – Extra Withholdings – put an amount here to be withheld each pay period.
I hope you find this helpful!
**Mark the post that answers your question by clicking on "Mark as Best Answer"