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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16576
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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I work two jobs, one part time and the other full time. I expected

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I work two jobs, one part time and the other full time. I expected to have both of those jobs for only a month, and filed as exempt as a result. However, plans have changed and I expect to be will them for a total of 10 weeks instead. I realize that that puts me over the Federal Exemption amount for 2013. I'm wondering how do I change my W4s to reflect 1) that I have to jobs and 2) to make up for the exempt filing I had originally.

Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

All you need to do is file new W-4 forms with your employers

Megan C :

On one of the forms, you will claim single and 1 for yourself and on the other one you claim single and 0

Customer:

But does that mean that I do not have to worry about the previous income that I have already earned under that has been marked as "exempt". That has already totaled to between $2,500 and $3,000 of earned income. Will it not turn out that I have have back taxes due on them, since I will now be earning above the personal exemption limit?

Megan C :

No, because you still have the standard deduction which is $5,950

Megan C :

Wait - no, it's $6,100

Customer:

Can you explain how the standard deductions plays into it? I'm sorry for the follow-up questions... I just want to be sure that I understand and I'd hate to find out otherwise down the line;

Megan C :

You have a personal exemption and a standard deduction. When you are working, you will deduct from your earnings your standard deduction, and then from that amount your exemption.

Customer:

Do you have a recommendation on which job I should claim single and 1 for, and on which I should claim 0? One is part time and the other is fulltime, with a decent amount of mandatory overtime.

Megan C :

You should claim single and 1 for your job where you earn the most, and single and 0 for the job where you earn the least

Customer:

Okay. Perfect. Thank you!

Megan C :

You're welcome. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today

Customer:

Sure thing. My best.

Megan C and other Tax Specialists are ready to help you
Thanks, Jamil for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs. It was a pleasure working with you today.