Tax time...

[Anonymous]

Crap! I am working two jobs to get ahead with 1 deduction and I just found out I owe a couple thousand dollars in taxes. Apparently the combined totals of both jobs knocked me into a new tax bracket. I work 65 hours a week, seven days a week.

Crap.

[Anonymous]

I've been there! Just remember that it's only a small percentage of the extra money you made, and you can adjust so that it doesn't happen next year.

[Anonymous]

I don't understand, weren't your employers
withholding?

[Anonymous]

Anonymous wrote:I don't understand, weren't your employers
withholding?

They were withholding at the wrong rate, because her combined income was higher than the predicted income from either job. If you don't understand the OP's post, then you don't understand how taxes work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't understand, weren't your employers
withholding?

They were withholding at the wrong rate, because her combined income was higher than the predicted income from either job. If you don't understand the OP's post, then you don't understand how taxes work.

Yes, this exactly. I have to go down to 0 deductions and will still have to pay after withholding next year.

Ugh...

[Anonymous]

I had this happen two years ago when I was working like 4 jobs and it was the first time I hit 40,000. Last year still working multiple jobs, anticipated it better but still owed. This year I finally found a great job that offers overtime hours. I hit 55,00 and am getting money back. Think of this as a (stressful, difficult) bump in the road. You'll get there, OP!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't understand, weren't your employers
withholding?

They were withholding at the wrong rate, because her combined income was higher than the predicted income from either job. If you don't understand the OP's post, then you don't understand how taxes work.

Yes, this exactly. I have to go down to 0 deductions and will still have to pay after withholding next year.

Ugh...

You can ask for additional withholding on top of the 0 deductions rate. Or you can pay quarterly. How much is it?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't understand, weren't your employers
withholding?

They were withholding at the wrong rate, because her combined income was higher than the predicted income from either job. If you don't understand the OP's post, then you don't understand how taxes work.

Yes, this exactly. I have to go down to 0 deductions and will still have to pay after withholding next year.

Ugh...

You can ask for additional withholding on top of the 0 deductions rate. Or you can pay quarterly. How much is it?

$5500 - How can I ask for additional withholding? Thank you.

[Anonymous]

So sorry, OP. That really stinks when you work so hard.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I don't understand, weren't your employers
withholding?

They were withholding at the wrong rate, because her combined income was higher than the predicted income from either job. If you don't understand the OP's post, then you don't understand how taxes work.

Yes, this exactly. I have to go down to 0 deductions and will still have to pay after withholding next year.

Ugh...

You can ask for additional withholding on top of the 0 deductions rate. Or you can pay quarterly. How much is it?

$5500 - How can I ask for additional withholding? Thank you.

Wow! That's more than a couple of thousand. I bet that was a shock!

There's a line on the W4 that asks if you want additional withheld. Make sure you fill out new W4s for both employers for 2017. Also, if they aren't using a payroll service, you might need to point out to them that you filled that part in. Then be sure to check your first couple of paychecks to make sure it's being done correctly.