josue
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Posts: 34
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Post by josue on Dec 21, 2021 15:21:24 GMT -5
While I am a full time Rat, I have a regular job as a stagehand as well that lets me work whenever I am available as long as I maintain a minimum number of days throughout the year. Does anyone know how I should account for studies when filling out my w4? I would like to have extra taken out to account for what is not taken out from the studies.
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Post by ac on Dec 21, 2021 21:29:13 GMT -5
On line 6 it will say "additional amount you want withheld from each paycheck". If you think you will have 20 paychecks during the year and you want $2000 to go towards reducing what you owe in taxes then that's $2000 divided by 20 checks for $100 per check so put $100 on line 6.
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josue
New Member
Posts: 34
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Post by josue on Dec 22, 2021 0:40:37 GMT -5
On line 6 it will say "additional amount you want withheld from each paycheck". If you think you will have 20 paychecks during the year and you want $2000 to go towards reducing what you owe in taxes then that's $2000 divided by 20 checks for $100 per check so put $100 on line 6. Yes I get that part but I am more asking how to determine the appropriate amount, also I would prefer it be a entage rather than a fixed amount like say 20% extra every check and was also curious if I could account for study money with the "Other Income" option in step 4
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Post by vark on Dec 31, 2021 5:35:06 GMT -5
you can list it as other income. verify this with your tax preparer or accountant, but i think how it works if you put it as other, you don't have to pay fica, but you can't deduct your expenses. the other way is treat it as self-employment income, and you can write off your miles, per diem for out of state travel, certain actual expenses such as hotels, airfare, but then pay fica on the net.
putting it as other works well for someone like you who has a day job. studies are my main income most years so i can't really put it as other. i don't know how many studies you do.oh full time lab rat. hmm. suggest you run this by a tax planner.
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josue
New Member
Posts: 34
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Post by josue on Jan 22, 2022 6:03:39 GMT -5
you can list it as other income. verify this with your tax preparer or accountant, but i think how it works if you put it as other, you don't have to pay fica, but you can't deduct your expenses. the other way is treat it as self-employment income, and you can write off your miles, per diem for out of state travel, certain actual expenses such as hotels, airfare, but then pay fica on the net. putting it as other works well for someone like you who has a day job. studies are my main income most years so i can't really put it as other. i don't know how many studies you do.oh full time lab rat. hmm. suggest you run this by a tax planner. That's useful information that I should consider as well, but my question pertained more to how much extra to have taken out at my taxed job to offset my non taxed income.
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