Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.
How are you today?
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!
You're welcome. If you would, please rate my response as "excellent" so that I may receive credit for assisting you today
Sure thing. My best.