If you have 2 fulltime jobs
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Anonymous
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How do you make it work for taxes? Do both employers know that you have another job?
I am considering this option to pay off debt and also add some extra into savings, start retirement fund and would appreciate any insights on how/what makes it work. TIA! |
Anonymous
| Find out if there is a conflict between the jobs. For some jobs, you can't take a second job that is in conflict with the first one. |
Anonymous
That has nothing to do with the question. |
Anonymous
It does. If it's the type of jobs where there can't be a conflict, at least one of the employers has to know about the other one. |
Anonymous
| Both of my bosses know of my other job. |
Anonymous
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You have to be careful about how you do your withholdings. You don't get double exemptions/allowances just because you have 2 jobs, because exemptions are a flat amount. So be sure you don't list your exemptions on both w4s.
Also, if your additional earnings push you into a higher tax bracket, then it seems to me that each job might not withhold enough. |
Anonymous
| I only have one job, but I have my exemptions set to zero to make sure enough is withheld. You don't need to follow the worksheet, you can just have them withhold whatever you would like. |
Anonymous
| I had two fulltime jobs once because I needed to pay off some debt. I worked for a newspaper at night and then for a university during the day; I slept in the evenings. The biggest upside that I hadn't anticipated was that because my schedule was so full, I rarely had time to spend money on impulse, so I saved even more money than I had estimated I would. |
Anonymous
HI OP - I know that you didn't ask for this type of advise but how long would you be able to keep up that pace before wearing yourself down so that you cannot do either job well? Why not FT and PT? |