how to do W-4's for multiple jobs

Discussion in 'Substitute Teachers' started by clarnet73, Aug 23, 2008.

  1. clarnet73

    clarnet73 Moderator

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    Aug 23, 2008

    So I'm looking at subbing for 6 districts next year... so of course they all have their own packets, etc. And so I come to the W-4 forms.

    The directions on the forms say that if you have more than 1 job, you should claim everything on the highest paying job, then claim nothing on all the others. But I have no idea which one will be the highest... it depends who calls me most and earliest!

    I don't want to take too many deductions and owe a bunch of $$ that I don't have anyway come tax time... but I also don't want to do it wrong! My dad says he just takes 1 on everything, but somehow that doesn't seem like it should make sense, either.

    How have other people handled this?
     
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  3. math_teacher

    math_teacher Companion

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    Aug 23, 2008

    if you do 1 on everything, you'll probably get money back in april instead of owing money. If you can get by on a *slightly* smaller pay check for the time being......
     
  4. Malcolm

    Malcolm Enthusiast

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    Aug 23, 2008

    Disclaimer: I am neither a lawyer nor CPA.

    Considering what subs are paid, I think you will be fine claiming 2 on each W4. If you want to be safe, claim 1, and adjust next year.

    You could complete the W4 worksheet if you want to be exact.
     
  5. lowes48

    lowes48 Companion

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    Aug 23, 2008

    In order to get some type of refund I think you should put claim at least one on all of them since you have no way of knowing which one will be the highest. Do you have any dependents because that can make a difference also?
     
  6. catnfiddle

    catnfiddle Moderator

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    Aug 24, 2008

    Wow. I always entered each of my schools, PLUS I made sure to take no exceptions at any schools or else they didn't withhold enough by the end of the year. I'd rather they take out too much than tell me I owe a grand later. Each school will report to the IRS, so you should report accordingly.

    My second job is helping out my CPA MIL, and she's never told me otherwise. That being said, this is only based on my own experience and you should probably consult with a tax expert.
     
  7. CarrieB

    CarrieB Companion

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    Aug 24, 2008

    Of course you can always think of it this way. If the school withholds too much and you get a refund in April, its like giving the IRS money to hold for 6 months without paying you intrest. I'd rather get all my money, put a little bit each month (like $25 - $50) in an intrest bearing account and pay up in April. I'm single, but I always put like 4 to 5 exemptions on my W4.
     
  8. Malcolm

    Malcolm Enthusiast

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    Aug 24, 2008

    You don't have to be exact. IIRC if you withhold 90% of the tax that is due, or at least what was due last year, you are safe from the under-withholding penalty.

    FWIW I prefer to owe the government a little bit rather than get something back. I would rather have the use of the money during the year. And I always have enough saved to make up the difference. If you over-withhold, you are giving the government an interest free loan and foregoing the opportunity to make that money yourself.
     
  9. RainStorm

    RainStorm Phenom

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    Aug 24, 2008

    I just put "O" (which means I claim no deductions and they take the most possible tax out.) Then I enjoy the refund when I get it in April. I'm a "better safe than sorry" person.
     
  10. scooter503

    scooter503 Comrade

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    Aug 24, 2008

    I don't know your situation, but a few years ago I claimed 1. I was working in 2-3 districts as a sub at the time, my husband was just starting out a new job. Come tax time that year we ended up owing money.... a lot! At least, a lot considering we weren't making much money at that time. After that happened I talked to some people and ended up changing all my W-4's to O's (no deductions), and I might have even marked take out extra (I can't remember now for sure). I have not owed money at tax time since.
     

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