Do I Pay More Taxes Working a 2nd Job?
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- Опубліковано 5 жов 2024
- In this video I will explain if working a second job or multiple jobs increases your overall taxes. I also touch on how to borrow a interest free loan from the government and how to profit from it.
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Tax part starts at 1:55
This is so unfair! A person who earns 100k working 8 hrs a day and person who earns 100k working more than 8 hrs a day have to pay the same in taxes
I always remember a saying there are only two things certain in life: death and tax. your tax has been foreseen and calculated based on your total income of a year. there is a reason your tax refund is also called "over-payment".
Idk who’s telling you this but MAKE YO MONEY 👏🏽🙌🏽 #Respect
God bless you! You explained it well. No one else has and I have been looking
Yup! love the first part. I invest all my money from my second job. Only 22 and make 86k from my full and 20k from my part time. I reinvest the extra i didnt withhold and pay the difference come January from my yearly bonus. I prefer this since I can put my money to work asap.
Can you teach me how to do this ?
@@chikamsoodume3601 Find a job that can support ur base living expenses and savings goals. If u can support urself with that 1 job, only working 40hrs, then you're in a decent position. Find a second job that fits to your main job amd invest everything from it. You can withhold more if you wish so u dont have a big irs bill or u can invest in safe etfs. By the time filing comes around sell ur positions just enough to pay the irs and hold the rest in your portfolio.
@@gabecruz2794 so how much exactly do you withhold? Dude you should make a video 😭 and dang what type of job do you have
22 as well making just over 115 K Planning on paying off debt though
@@gabecruz2794 so im confused. should i go EXEPT for one job and then claim myself for the other?
Nice explanation!
I work a second job so I can front load into investing. Sometimes I think I over do it but I can always get the money if needed 😆
i want a second job to help me invest more and paid off my debt quicker
So when working the two jobs, can you give an example off how to do the w-4? I’m so confused lol, I know you said to invest the money you owe that way you gain income which is cool l, but how did you put it on the w-4 if anything was exempt?? Like sorry probably don’t make sense
TL;DR go to IRS website. they help you with examples for w4 withholdings. basically tho u just withold a few hundred extra bucks from job 2.
you have to fill out a w-4 on 1st day of work, lets say, at job 2. now lets assume you’d like to avoid j2 and j1 knowing about each other (nothing shady pr illegal, just none of their business. remember, this form is a specific discussion channel between yourself & uncle sam. period). so if u read irs recommendation, they tell u “yeah who cares just skip the first few points about having another job, about spouses income… go to 2nd page, and simply look at the table on page 4, row is j1 income and column is j2 incomr, ok, thats the amount for u for the year. divide tgat number by # of paychecks remaining, and thats it! no problem, no penalty, no audit from IRS”.
better to withold a bit extra (maybe round up by 5% safety margin) than IRS compounding penalty. also, the rule demands QUARTERLY PAYMENTS be made. so video is actually incorrect. you CANNOT simply withold all tax payments to IRS, invest it, and april 14th cash in your meme coins and moon NFTs and pay the back due.
they will happily take the money, and proceed to make ur life miserable
Good explanation. I see how it is the total income which is taxed. I do think that the USA is a bit more forgiving than most of Europe and the UK which has a progressive ladder system where you you have income brackets at 0 then 10% then 20% then 40% and so on depending on where you live. the first £12500 or so are tax free and anyone on $100k (or £83k) per year will have a significant portion of their salary taken as tax. There are some conessions for married couples where you can share (only a part of) the allownace so if the partner is on very low or no income you can lower the ta bill a little. A flat tax would take care of the problems with progressive taxation and working those extra hours or jobs would be more rewarding and fair.
An advice give 2 •• what people think those type of people don’t what you to succed
Thank you! You explained this perfectly
How can someone judge you for working hard? Where do these people come from
they are called “haters”, i am afraid. sickly people :/
I make 200k farming and I'm thinking about picking up a second job that pays 100K a year all the money I make on my second job would be taxed at the highest tax rate which is about 45% State local Federal so you do make less money picking up a second job because all the money you make will be taxed at the highest tax rate. Your first job you are taxed at a progressive rate so some of the income you make is at a lower tax rate. At $40 an hour for job #2my effective income after taxes would be about $22 an hour. So basically I would be working three times as many hours for only an extra $50,000 a year after taxes. I work two jobs for 25 years and I did dump a lot of money into 401k and I'm glad I did but I think now it's time to slow down.
My nigga you are a farmer BIG PROPS, secondly do you think if somebody was to work two jobs, to make one of the jobs tax at the highest rate as to get the most tax season?
Correct!
When was worked 2 full time jobs was going to max out HSA & 401, ROTH IRA
Great video man!!
I’m still confused😅 to me it sounds like it’s not worth it to work 2 or more jobs because you’ll owe in tax season. Right?
Borrowed money from the government 😂😂😂 How Am I borrowing if they take it from my check
But if you invest money throughout the year, isn't that also taxable income?
It’s not free money. You need to pay interest penalty if not deduct enough tax.
so funny that people think more jobs means getting penalized or something lol the IRS doesnt care how many jobs you have - all they care is that you report your income no matter what. Of course you may owe, because payroll is only going by the income you make at their company
I always Tell people it's better to own the irs at the end on the year. Because it's better the money 💰 be in your account instead of your company's bank account gaining interest for your company. Your company shouldn't be allowed to make interest off your tax dollars they take out your check
How would they know how much more to deduct? Should you specify how much you make at second job?
Paul! I've been watching your videos since PP1. I would love to hear your thoughts on pharmacists working in marijuana dispensaries. A preceptor who was the responsible pharmacist for a clinic recently quit her job and is currently working at a dispensary. Do you think this is an opportunity for the profession to branch out into a different sector in the healthcare field? Thank you!
Hmm I do not know too much about marijuana dispensaries. However, if you do not need a pharmacist to run a marijuana dispensary then I think its not a big growth driver for pharmacist jobs.
The third type of group that will judge you are the desperate new grads of 2018 and beyond who are unemployed and looking for their first job. They are jealous that you are stealing their jobs because they would kill for just one part time job...
Amen! Thank you for this comment.
Haha well actually my hours have been declining at my per diem jobs on a yearly basis which the hours are given to new grads / residents. They cost less than me and have more availability. So technically you can see the new grads are stealing my hours.... but I am okay with tapering down now.
Facts
Hi I have a question
I actually moved to a new job and I still haven’t told my boss that I quit for the first job
And I do not know why I paid more taxes on my second job
And if I quit my first job I would pay less taxes on my second job right?
Pls answer me
Great vid man 👨
Hey could I work two full time jobs or it has to be one full time job and the other one is a part time job ?
@Kank OG true I barely get sleep XD
I have a PT job in the day/evening and I work overnights for my full time job. Graveyard shifts pay $1 or $2 more and its quieter.
I am sacrificing my sleep but honestly I'd rather have a lot of money vs sleeping and being broke
@@NiaMSnow true agree
tell me more TwT
i did this and it sucks, i paid way more tax
What to do to be a fast pharmacist ????
You can skip past the sob story it starts at 2:07 mark
Please share this video!!!! Absolutely what young idiot kids need to hear.
Just utilize your tax credit systems like traditional ira and 401k
Damm but your investing way more time of your life ... that's what hurts more for me working 2 jobs cuz I feel I am being penalized still for making more of sacrifice
do it short term not forever