Question re: Taxes and working multiple part time jobs

[sonambulo]

Alright. So. Here's the thing.

A long time ago someone told me that working multiple part time jobs hits you up for more taxes than working a single full time job. So let's say you're working two or three hourly jobs for less than 40 hrs/wk total and you're claiming the full income with no deductibles. Is there any truth to the above statement or are taxes based entirely on the total income at the end of the year?

I don't know why I thought of this all of a sudden but if someone could clarify I sure would appreciate it.

 

[dullard]

The tax you pay is determined by total income at the end of the year.

Now, how much you choose to have the employeer deduct throughout the year is up to you (you fill out that form when you are hired, but you can revise it whenever you choose). Thus, your friend might have just had his jobs withhold too much with each paycheck. That is his problem.

 

[Ns1]

There is no truth to the statement since at the end of the year the taxes are being computed in the same way.

However, your tax due and possible tax refunds are affected by multiple part time jobs.

If you claim a ton of exemptions and have a few part time jobs, your total tax bill at the end of the year will probably be > your withholdings, thus you will owe money come tax time.

 

[sonambulo]

I never claim exemptions and always tell those bitches to take an extra five bucks out of my paycheck every week anyways.

Thanks guys.

 

[OCGuy]

Originally posted by: sonambulo
I never claim exemptions and always tell those bitches to take an extra footlong out of my paycheck every week anyways.

Fixed

No extra sloppy mayo for you!

 

[sonambulo]

Well if you put it that way I guess maybe I should keep the five bucks every week....

But then I wouldn't have the year end orgy to look forward to. I just can't win.