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Started By
Message
First time ever I got a second job.
Posted on 5/6/15 at 9:59 pm
Posted on 5/6/15 at 9:59 pm
They of course are independent of one another. I fear the bump to another tax bracket, and I fear the second job not taking out enough tax. It will end up being a quarter of my income at most.
1. Should I worry at all?
2. How much do you moonlighters take out extra? What percentage of the second job wage go to taxes?
We had to pay this year. And that was with one job for the wife and I.
Dave Ramsey is my leader. My baby steps are just longer than most.
3cards knocked out. THEN GOT the emergency fund. Now the second job. Just worried about owing 3k next year
1. Should I worry at all?
2. How much do you moonlighters take out extra? What percentage of the second job wage go to taxes?
We had to pay this year. And that was with one job for the wife and I.
Dave Ramsey is my leader. My baby steps are just longer than most.
3cards knocked out. THEN GOT the emergency fund. Now the second job. Just worried about owing 3k next year
8
Posted on 5/6/15 at 10:10 pm to LSU alum wannabe
quote:
I fear the bump to another tax bracket,
Sigh
quote:
fear the second job not taking out enough tax.
That's on you, not them.
Posted on 5/6/15 at 10:11 pm to LSU alum wannabe
Search the google and input your estimated incomes into the withholding calculator. That will give you a good idea of what you will owe.
You can also have hr at either job increase your withholding to help your budget come tax time.
I upped my withholding this year in order to reduce the out of pocket tax payment next year. This years payment was more than I expected.
You can also have hr at either job increase your withholding to help your budget come tax time.
I upped my withholding this year in order to reduce the out of pocket tax payment next year. This years payment was more than I expected.
Posted on 5/6/15 at 10:39 pm to LSU alum wannabe
So whats the second job?
Posted on 5/6/15 at 10:46 pm to LSU alum wannabe
If the second job does put you into another tax bracket it might not be worth the time. Mainly I say this because it's likely a lesser rate of pay than your primary job, and if you end up being taxed at a higher rate than your real higher paying job - it simply may not be worth the time. That's up to you I guess. But, just to be clear, you're not taxed at the higher bracket for all of your earnings.
Posted on 5/6/15 at 11:08 pm to TigerDeBaiter
Are you serious? Come on
Posted on 5/6/15 at 11:18 pm to TigerDeBaiter
Posted on 5/6/15 at 11:29 pm to npt817
quote:
So whats the second job?
+1
Posted on 5/7/15 at 7:00 am to Oenophile Brah
I try to make it so they take out the least amount possible. Yes I pay a lot of taxes in april but I also get 6-10% of interest on that money before I give it back. I value taxes as if your getting a return your doing it wrong because thats money that could of been working for you. but to each their own with taxes. I just know taxes kill me no matter the time I pay them.
Posted on 5/7/15 at 7:13 am to LSU alum wannabe
quote:
I fear the bump to another tax bracket
Why? You still make more money. As has been stated numerous times, the higher tax bracket only applies to income above that level - not your entire income.
Posted on 5/7/15 at 7:26 am to LSU alum wannabe
quote:
hey of course are independent of one another. I fear the bump to another tax bracket, and I fear the second job not taking out enough tax. It will end up being a quarter of my income at most.
1. Should I worry at all?
2. How much do you moonlighters take out extra? What percentage of the second job wage go to taxes?
We had to pay this year. And that was with one job for the wife and I.
Dave Ramsey is my leader. My baby steps are just longer than most.
3cards knocked out. THEN GOT the emergency fund. Now the second job. Just worried about owing 3k next year
Congrats great job. You taking the bull by the horns. Love it....
Posted on 5/7/15 at 7:27 am to TigerDeBaiter
quote:
f the second job does put you into another tax bracket it might not be worth the time. Mainly I say this because it's likely a lesser rate of pay than your primary job, and if you end up being taxed at a higher rate than your real higher paying job - it simply may not be worth the time. That's up to you I guess. But, just to be clear, you're not taxed at the higher bracket for all of your earnings.
Unbelievable....
Posted on 5/7/15 at 7:37 am to LSU alum wannabe
quote:
1. Should I worry at all?
Not really.
quote:
2. How much do you moonlighters take out extra? What percentage of the second job wage go to taxes?
I set the second job as Married, 0. My main job is at Married, 2 (just me and Mrs. Midnight, as the nest is empty). I owe a little (up to $1k) every year, which is how I like it.
I find the second job is much closer to my top marginal rate in withholding, but it is what it is.
Posted on 5/7/15 at 7:37 am to TigerDeBaiter
Posted on 5/7/15 at 8:04 am to foshizzle
quote:
Why? You still make more money. As has been stated numerous times, the higher tax bracket only applies to income above that level - not your entire income.
This can't be stated enough, and I don't understand how people don't know it. Whether you make more money from your current job, a second job, or 10 jobs, all money made above that tax threshold will be taxed accordingly.
It's like saying I'd rather be poor than pay higher taxes.
Posted on 5/7/15 at 8:28 am to LSU alum wannabe
It is interesting that you brought this up today. You are taking on a second job to knock out debt, but I watched an early morning interview on Bloomberg that suggests that Americans must get used to having multiple jobs.
It was suggested that one would be working multiple jobs in the future to live. 2-3 part time jobs require a lot of logistics. There will probably be apps to find jobs close to your home to cut transit time. There will probably be an app to calculate withholding for multiple jobs.
It was suggested that one would be working multiple jobs in the future to live. 2-3 part time jobs require a lot of logistics. There will probably be apps to find jobs close to your home to cut transit time. There will probably be an app to calculate withholding for multiple jobs.
Posted on 5/7/15 at 11:03 am to tigerbacon
quote:
3cards knocked out. THEN GOT the emergency fund. Now the second job. Just worried about owing 3k next year
quote:
I also get 6-10% of interest on that money before I give it back
I'm confused. Are you out of debt? Why are you investing non retirement money instead of paying down your debts?
Posted on 5/7/15 at 11:09 am to OysterPoBoy
quote:
I'm confused
You are confused. Those quotes are from two different posters.
Posted on 5/7/15 at 11:10 am to OysterPoBoy
quote:
I'm confused.
Yes you are. You quoted two different people.
Posted on 5/7/15 at 11:11 am to SLafourche07
Ah, well that clears it up.
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