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?
What are tax differences for working 2 part time jobs vs 1 full time job?
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.
Reply: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.
petal
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