W4

[avanmeter76]

Help, I am about to start a second job, I have no idea how to fill out that W4 for them as i have just previously worked for them in the last month. But I also don't know if I need to update my W4 for my current job as well? Can someone please explain to me what to do, I am so lost!

[Bsch4477]

See if this helps filling out your W-4 for your new job. 

[mgarry3416]

It all depends.   First of do you want to tell your employer of your first job that you have a second job?  There is no requirement to file a "new" W4 with your current or first employer regarding the income from your second job.  Some employers are ok with an employee working a second job.  Others it may be grounds for termination.  

In your post you don't tell us about the two jobs or about yourself.  If we assume that the first job is full time (40 hours a week) and the second job is part-time and earns less than the full time job.  The question is will the new part time job raise your taxable income to the point that you are in a new tax bracket?  Also, do you have a spouse that works?  

Your best bet for taxes is to file the W4 as single or married with no dependents.  The reason is that the second part time job will calculate withholding as if this is the only job.  Depending on what you have withheld on your first job, the second job may not withhold any federal or state income tax. or not enough and you end up owing state or federal income tax when you file.   By having zero dependents will cause withholding on the second job. 

If you have too much taken out by both jobs you get a refund.  If you have too little taken out you may owe taxes when you file.  If you owe a significant amount you may also owe interest and penalties for both the state and federal returns.

Don't worry about FICA.  If the two jobs put you over the max income for FICA you will get the excess as a refund or credit to amount due.

Again it all depends on your income situation.  If your single and your first job you make $50,000 and the second part time job you make $10,000 filing your W4 as single with 1 dependent should work.  If on the other hand you are married, you make $200,000 at the first job and your part time job you make $100,000 and you spouse woks making $200,000 with child credits and daycare you may want to talk to a tax expert  to plan your tax strategy.  But completing the w4 as single with no dependents might be your best bet.  Think of it this way.  Every additional dollar you make at the second job is taxed at your higher tax rate. 

[avanmeter76]

so, first of all i dont care if my employer knows about my job. first job is full time at 27,500 and my second should be part time at 21,840. so I dont know if that puts me in a new tax bracket or not.

second, I am not married so that would not be a factor right now. 

but I dont know anything about taxes or w4s. I am 21 and I have never been taught how to properly do this. Thats why I am asking how I should do this so that i dont end up owing thousands of dollars or getting in some kind of trouble with the IRS.  

[mgarry3416]

Thanks for the additional information.  For you I would make your second job like your first job W4.  It should be single with one deduction.  

Good luck with both your jobs 

[mgarry3416]

I would also add that now is a good time to learn about income taxes.  My advice as a retired CPA and tax professional it to take a tax class at a local community college.  Other options are to take the classes offered by H&R Block or Liberty Tax or any other tax preparer.  These classes may cost money but in the end will save you a whole lot more because you will understand the tax law .  You may also want to take personal finance classes at the community college or adult high schools .  There are also many online classes.  Take one.  Take a bunch.

I know things are different now in schools.  When I was in 8th grade as part of civics class we were taught how to fill out a tax return.   I know they don't teach this skill anymore   

[NCperson]

@avanmeter76 best and EASIEST way to do this is to use the IRS Withholding Estimator.  Have your most recent paystubs handy.  it will explain how to complete each W-4. 

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

[NCperson]

@mgarry3416 - there is no longer an option for 'deductions' on the W-4 (and I think you mean 'exemptions")  That changed in 2020.  please review the current version of the W-4. 

the W-4 mimics the tax return, so if the OP's income is less than their standard deduction, there would be no withholdings.  this process takes the 'guessing' out of the pre-2020 process. 

if the OP were to complete each W-4 the same way (file SINGLE), he is going to be well under withheld at year end) as there is no way to 'add one deduction'.  It is critical that the OP follows the output of the IRS Withholding Estimator that I posted above.

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