Tax Withholdings On W-2s (Salaried Employees)

Too many people are not withholding enough income taxes on their W-2s.

Frequently, it’s a second job that someone takes.

Or their spouse decides to work part-time.

That income is taxed the same way your other income is, even if it’s for a small amount of money.

If you’re earning a decent amount of money at your main job, there’s no good reason why an additional “small” W-2 should not have a substantial amount of taxes being withheld.

Yes, the secondary job is relatively small, but if you’re adding $15K to your income without withholding the correct amount of taxes, it’s going to come back to bite you when you file your taxes.

I’ve seen this too frequently.

Do it for your accountant.

Do it for yourself.

Anybody enjoy getting hit with a large tax bill when they file their tax returns?

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