Gallery 2 Requirements
July 11th, 2010
What’s requirement for working 2 FULL time jobs? Do you have to let both employers know? how is it taxed?
Job #1 has very flexible schedule, and job #2 has semi flexible schedule. Job#2 is managing a very quiet gallery basically sending email/answering calls/sending out flyers. Most of time, I am just sitting around, but I need to be there. And I can definitely do another part time (job#1), but they want me to work full time now (this is off site telecommuting job for blogging website)
Question I have is……Am I even allowed to do that?
When they mail out W2 forms at the end of year, would they automatically know I am also employed at another company?
Do I need to inform both employers? I see this many times, usually more of top level people who hold title of director or manager or chairman to 3 or 4 companies.
Also……How will I be taxed? Combine both W2, and tax on total?
Thanks.
Employers only care about one thing: Can you do the job for them? If you have 2 jobs they really don’t care as long as you do THEIR job satisfactorily.
As far as taxes are concerned, they neither know nor do they care. It’s not their problem, it’s YOURS. You need to ensure that enough tax is withheld to cover your tax liability.
There are 2 worksheets on page 2 of Form W-4 that you can use to figure your total withholding allowances between the 2 (or however many) jobs you have. Use them. In most cases you should claim Single and 0 to ensure that enough tax is withheld. But if the income from the 2 is significant you may need to have additional tax withheld from one or both paychecks. The worksheets on page 2 of Form W-4 will help you figure that out.
When you file your tax return, you’ll include the income from all jobs and pay the tax on your total income. So, yes, you’ll attach both W-2s to your tax return and add the numbers together for income and withholdings.
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