February 16, 2010
What are tax differences for working 2 part time jobs vs 1 full time job?
Smitty asked:
Semi retired with retirement plan income. I have a chance to work 2 part time jobs. Claiming single 0 on my W2. Will I end up having to pay taxes next year when I combine all my incomes?
Jazlynn
Semi retired with retirement plan income. I have a chance to work 2 part time jobs. Claiming single 0 on my W2. Will I end up having to pay taxes next year when I combine all my incomes?
Jazlynn
Comments on What are tax differences for working 2 part time jobs vs 1 full time job?
Noemi
Generally, if you work a full time job, they withhold based on the assumption that this is what your income will be. IE $2,000/mo, you will earn $24,000 for the year, and this will be your tax bracket. When you work 2 part time jobs, say earning $1,000/mo on each, they each withhold as though you are going to earn $12,000 for the year, and withhold at a lower percentage for a lower bracket. You will get less withholding on 2 pt time jobs that total $24,000 than on 1 full time job for $24,000. Whether you owe is dependent on all of your other income.
Zion
You could end up paying, since each job will take out like they are your only income, and you pay taxes based on your TOTAL income.