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All you need to do is file new W-4 forms with your employers
On one of the forms, you will claim single and 1 for yourself and on the other one you claim single and 0
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?
No, because you still have the standard deduction which is $5,950
Wait - no, it's $6,100
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;
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.
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.
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
Okay. Perfect. Thank you!
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