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Getting ready for tax season

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Old 10-30-2007, 12:28 PM   #1
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Question Getting ready for tax season

I am going to talk to an accountant but I also like to get different perspectives

So I have 2 jobs and just found out my second job hasn't been withholding federal taxes.

The second job (without taking out the taxes) gives me an extra $500 a month and I'll owe about 1000-1500 at the end of the year. I only worked there from March-December of this year..

I am wondering is it worth it to keep the second job. In order not to owe at the end of the year I would have to take out at least $50 a check (we are paid twice a month) and that would give me probably 400-350 a month extra to work with.

At this point the financial that caused the need for the second is gone, but I wanted to buy a new car at the end of next and just sock away some of the dough for savings (you know how you're supposed to have 3 months of bills saved just in case). It isn't essential just helpful. I don't mind working it since I'm single with no kids and gives me something to do in the evening when I'm not busy.

It is worth it to keep working.

Thoughts?
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Old 10-30-2007, 02:14 PM   #2
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Financially? Why not? Just because you have to pay taxes, doesnt mean it isnt worth it. So you make a little less net than you thought. I would find out why they are not withholding taxes though, are you considered a contractor - self employed? Then you have to pay your own FICA too. Just be prepared.

The only way to answer that question is do you feel you are being paid adequately for your time and what would you be doing with your time instead. It sounds like you are feeling ok with continuing to work from a time standpoint.

I am a big believer in save when you have an opportunity too! I would keep doing it as long as it is not a burden and save every penny for a rainy day.

(and I was always told save 6 months of bills! OR if you are in certain fields 1 month for every 10K of salary because the more you are paid the longer it takes to find an equivalent job)
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Old 10-30-2007, 03:11 PM   #3
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Ennay

I came to pretty much the same conclusion. I just keep thinking I'm single and really if something happens I have no one to lean on and since I own now I want to feel a little more secure.

I spoke with the accountant at my jobs who pretty much said if you don't mind working and its flexible, so it and have the taxes taken out. I'll get a nice refund from my States taxes which I can turn around and use to pay the federal so I should be ok.
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Old 10-30-2007, 03:45 PM   #4
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Why not instead of giving the government your money to hold, you hold it for them? Put money away in a high interest savings account that way you earn interest instead of them?

My opinion is that you should try to owe taxes every year instead of having them owe you money.
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Old 10-30-2007, 07:55 PM   #5
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Quote:
Originally Posted by nelie View Post
Why not instead of giving the government your money to hold, you hold it for them? Put money away in a high interest savings account that way you earn interest instead of them?

My opinion is that you should try to owe taxes every year instead of having them owe you money.
Me too, I try to keep it just under the line though, have to stay away from owing a penalty.
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