happyscooter
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Joined: Jan 5, 2011 9:04:06 GMT -5
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Post by happyscooter on Feb 4, 2012 9:38:11 GMT -5
DH is starting a new/old job in March. It will be a job that he worked at a few years ago. During that time (4 months) he did not pay any taxes, he had worked full time at another job and had maxed out his with-holdings. That is not possible now and we aren't sure how to do this. We do not want to be hit next year with taxes and penalties, so we would like to make quarterly payments now. It is remotely possible that we won't owe since I am not employed and this is the only income except for interest on CDs. He is not getting his pension yet. We have funded our IRAs already. $12000. How do we start? Thanks.
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mwcpa
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Post by mwcpa on Feb 4, 2012 15:43:02 GMT -5
provide the employer with a w-4 and related state withholding form.
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Deleted
Joined: May 17, 2024 20:46:54 GMT -5
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Post by Deleted on Feb 5, 2012 4:19:22 GMT -5
Scooter,
Is your husband going to be a W2 employee (where the employer withholds taxes) for this employer or is he self employed wherein he's responsible for paying his own taxes (including his half of SS)?
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happyscooter
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Joined: Jan 5, 2011 9:04:06 GMT -5
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Post by happyscooter on Feb 5, 2012 8:15:54 GMT -5
self employed. but he gets a w2 at the end of the year. again, he worked there 2 years ago for 4 months after he retired. he had maxed out his fed and state withholdings at the first of the year so it balanced out. who knows? we might hit the lottery and he quits before he starts!!  |
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mwcpa
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Post by mwcpa on Feb 5, 2012 8:30:41 GMT -5
w-2 is NOT self employed..... w-2 is for an employee....
1099 is for self employed....
not sure how one can "max" out withholding taxes?
if he is self employed he will be allowed to deduct the ordinary and nessessary expenses incurred to conduct the business..... and if you are really stuck it may be a good time to engage a qualified tax professional to help you set up a plan..... the goal is always to pay a little tax as legally allowed, and paying no tax often means you made no income..... I'd rather pay a lot of tax.....
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happyscooter
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Post by happyscooter on Feb 5, 2012 8:53:13 GMT -5
sorry. when i said 'max out', i meant he took out the highest withholding. i think he claimed 0, when it should have been 2.
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happyscooter
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Joined: Jan 5, 2011 9:04:06 GMT -5
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Post by happyscooter on Feb 5, 2012 8:53:41 GMT -5
not self employed. maybe i need to start over.
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happyscooter
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Post by happyscooter on Feb 5, 2012 8:53:57 GMT -5
or go back to bed.
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mwcpa
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Post by mwcpa on Feb 5, 2012 10:26:42 GMT -5
so, you need to file a W-4 to have taxes withheld on the "new" job.....
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