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  1. #1
    Join Date
    Dec 2017
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    17

    Default Deductions and Taxes on Income from a Second Job

    My question involves labor and employment law for the state of: Florida

    I currently own and operate a Florida LLC for my personal business. I picked up a second job cooking at a restaurant. I pay taxes on both incomes?
    Iím single no kids. I claimed 1 on my w2 at the second Job.

    What are your thoughts?

  2. #2
    Join Date
    Mar 2013
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    17,403

    Default Re: Deductions on Second Job

    Quote Quoting Davefla9044
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    What are your thoughts?
    Well, right now my thoughts are about what I am going to make for lunch. I think I will watch TV while I am eating. I think my dog might like a snack. I'm wondering what's on TV tonight.

    Now that you know what my thoughts are, perhaps you can ask a question about your tax issue.

  3. #3
    Join Date
    Feb 2008
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    1,150

    Default Re: Deductions on Second Job

    you need to see a local tax advisor who can look at income on both and see what you might or might not owe. But yes, you will pay taxes on income unless you have deductions to override it.

  4. #4
    Join Date
    Oct 2014
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    7,552

    Default Re: Deductions on Second Job

    Quote Quoting Davefla9044
    View Post
    My question involves labor and employment law for the state of: Florida

    I currently own and operate a Florida LLC for my personal business. I picked up a second job cooking at a restaurant. I pay taxes on both incomes?
    Iím single no kids. I claimed 1 on my w2 at the second Job.

    What are your thoughts?
    All the income from both jobs is taxable income for federal income tax. Your withholding at the cooking job would cover most or all of your tax if that was the only income you had. But you also have income from the business. So you likely need to make estimated tax payments to cover the tax that the job withholding does not pay. Form 1040-ES has the instructions and payment vouchers you use to do this.

    Quote Quoting adjusterjack
    View Post

    Now that you know what my thoughts are, perhaps you can ask a question about your tax issue.
    Well, had you not been focusing on being snarky you would have seen the OP did ask a tax question. It might not have been quite as clear as it could be, but it was certainly enough for me to get the gist of what the OP wants to know.

  5. #5
    Join Date
    Dec 2017
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    17

    Default Re: Deductions on Second Job

    Quote Quoting Taxing Matters
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    All the income from both jobs is taxable income for federal income tax. Your withholding at the cooking job would cover most or all of your tax if that was the only income you had. But you also have income from the business. So you likely need to make estimated tax payments to cover the tax that the job withholding does not pay. Form 1040-ES has the instructions and payment vouchers you use to do this.



    Well, had you not been focusing on being snarky you would have seen the OP did ask a tax question. It might not have been quite as clear as it could be, but it was certainly enough for me to get the gist of what the OP wants to know.

    I havenít been paying taxes quarterly on my
    Llc Iíve just been doing it all at once. I havenít owed any money yet because of deductions and etc but I understand the irs is going to need me to make money on the business or itís considered a hobby after a few years. Need to sit down with a tax man was mostly wondering if any tax difference with the second job.

    Iíll probably claim 25-30k this year in tax with few thousand in deductions. Probably hit with a nice bill
    But this whole tax thing confuses me.
    What kind of tax person should I search for? Google business tax advisor near me?

  6. #6
    Join Date
    Sep 2010
    Posts
    19,381

    Default Re: Deductions on Second Job

    Note that when you have multiple jobs, often just declaring "1" on your W-2 isn't going to get you properly withheld, you need to read all that boring stuff that comes with the W-2 that tells you how to adjust it for your total income.

    However, since you say you have a business, I suspect as TM did that you are unemployed. You need to "quarterly" (who knows why they aren't equal quarters) pay the estimated tax. You need to add the cook income and withheld taxes in to that calculation.

  7. #7
    Join Date
    Oct 2016
    Posts
    3,480

    Default Re: Deductions on Second Job

    W4 not W2.

    It three full pages now.

  8. #8
    Join Date
    Dec 2017
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    17

    Default Re: Deductions on Second Job

    Quote Quoting flyingron
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    Note that when you have multiple jobs, often just declaring "1" on your W-2 isn't going to get you properly withheld, you need to read all that boring stuff that comes with the W-2 that tells you how to adjust it for your total income.

    However, since you say you have a business, I suspect as TM did that you are unemployed. You need to "quarterly" (who knows why they aren't equal quarters) pay the estimated tax. You need to add the cook income and withheld taxes in to that calculation.
    I read the stuff on the w2 page and no one claims me I was never married no kids but I didnít want to claim 0 for the maximum withheld. This is my second job I want to take home as much as possible from it. In my business most of my earnings are cash.

  9. #9
    Join Date
    Oct 2016
    Posts
    3,480

    Default Re: Deductions on Second Job

    You clearly didn't read it well enough to see that it was a W-4 not W2.

    Did you complete the worksheet?

  10. #10
    Join Date
    Dec 2017
    Posts
    17

    Default Re: Deductions on Second Job

    Quote Quoting PayrolGuy
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    You clearly didn't read it well enough to see that it was a W-4 not W2.

    Did you complete the worksheet?
    I completed a worksheet. I claimed 1.


    Thatís why I started this bc I donít want to be ****ed at the end of the year with taxes. Most don my biz is cash so I donít claim much.

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