How much tax for second job

how much tax for second job

What is a free tax preparation site for Minnesota Department of Revenue income taxes?

Full Answer

The IRS uses tiers of income that it taxes at different rates. Each tier is a range of taxable income, and each successive tier is taxed at a higher rate. In 2014, 10 percent is the lowest rate and 39.5 percent is the highest, according to Bankrate. The IRS taxes income earned at the lower tier at that rate and income above the tier at the higher rate. Thus, adding a second job does not affect the tax rate of earnings at the first job. However, the wage earner pays the higher rate for all earnings exceeding the lower bracket due to the second income.

Related Questions

How do you calculate U.S. income tax for assessment year 2013 to 2014?

In order to calculate an individual federal income tax for the 2013 to 2014 fiscal year, first take the taxpayer's

tax bracket, analyze the filling status, remove gross deductions and make final adjustments based on dependants and other factors. Without proper planning and knowledge, the tax burden appears uncertain, according to CalcXML.

Is it possible to track your income tax refund check?

Tax filers can track their income tax refund check by phone, through a mobile app or online, as stated by Bankrate. The easiest method for filers may be to visit the IRS website or to download the IRS2Go mobile app. Both methods sidestep potentially long waits to call by phone.

What forms are required for filing income tax?

Forms required for filing income taxes depend on the source of income and various deductions, but can include forms such as a W-2, 1099-MISC, 1098 and 1095A, according to Bankrate. Statements from stockbrokers, employers and banks are necessary to document income, deductions and tax credits.

What percent of your income does federal tax usually take?


Category: Taxes

Similar articles: