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I work two jobs, one part time and the other full time. I expected

to have both of those...
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.
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Answered in 1 minute by:
9/11/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Verified

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
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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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.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,592
16,592 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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