Work more than one job? Read this...
Got this from H&R Block today - if you're like me and work part time at more than one company, this is important to know...you may end up owing way more in taxes at the end of the year if you don't update your paperwork...
"Millions of taxpayers started taking home more money
in their paychecks this past April thanks to the
Making Work Pay tax credit. However, changes to the
IRS withholding tables cannot take into account
single workers with multiple jobs, or dual-income
married couples, for example. Therefore, the reduced
withholding may cause a smaller refund or a larger
balance due next year.
Those who could be negatively affected include:
* Married couples who both work
* Individuals with multiple jobs
* Retirees who have taxes withheld from a pension or
Social Security benefits
* Taxpayers who work but are dependents of another
taxpayer
What to do?
You should review and adjust (if necessary) your W-4
to ensure that you are withholding the correct amount...[insert their plug for a free calculator / free office visit here]"
"Millions of taxpayers started taking home more money
in their paychecks this past April thanks to the
Making Work Pay tax credit. However, changes to the
IRS withholding tables cannot take into account
single workers with multiple jobs, or dual-income
married couples, for example. Therefore, the reduced
withholding may cause a smaller refund or a larger
balance due next year.
Those who could be negatively affected include:
* Married couples who both work
* Individuals with multiple jobs
* Retirees who have taxes withheld from a pension or
Social Security benefits
* Taxpayers who work but are dependents of another
taxpayer
What to do?
You should review and adjust (if necessary) your W-4
to ensure that you are withholding the correct amount...[insert their plug for a free calculator / free office visit here]"