 TAX HELP!!!!!!!!!!!!!!!? |
ok! Here it is.
I am 20. Husband is 21. I didn't work at all this year. No kids. Reside in Ohio.
His total earnings were 46,000
Federal taxes witheld-5,404
state-1323.6... |
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THOMAS P | How much tax do i pay? |
if i get two part time jobs both on minimum wage how much tax do i pay on the second job is it the higher rate ie 40 something percent with national insurance too |
 |
 
nay
|
IN answer to the headline question- too much |
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Col. Hannibal Smith
 |
Your main source of income would have the annual tax free allowance of 5035 (£5225 from 6 April 2007) allocated against it.
Your second job would be taxed at BR (basic rate of 22%) If however, you do not use all of your tax free allowances from your main job, you can have the allowance split between the two jobs, but check with HM Revenue & Customs (HMRC) first. |
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Athena
 |
it will depend on the hours you work and the tax code that the IR work out for you.
SO you won't necessarily work out at the higher rate tax. It totally depends on any allowances that can be deducted , the personal allowance is just one part of it.
there are other things you can deduct before you start paying tax and
national insurance( which is a different sort of tax and has its own limits.
and how much in total you earn during the year.
tax starts at 10% after your personal allowance which is about
£5300 for the next financial year. so after that you pay 10% on the next band which is up to 2,150, (so if you earn under 7450)
then it is 22% from 2151 up to 33,300. 40 % is payable at everything above that
So it is unlikely you would pay the higher rate if you are only on minimum wages for both jobs.
BUT as the above respondent says the second employer starts deducting at the 22% rate.
hope this helps |
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stokegal
 |
Assuming that you use all of your tax free/10% allowances on your first job, you should be on a basic rate tax code (BR) which is 22% of everything that you earn |
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ANDREW H
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Everyone pays over the odds in the UK to pay for Blair & his cronies lifestyles.
However to answer your question you can have as many jobs that you like & you will be taxed on your total earnings for the year at whatever band is set by the inland revenue (Tony Blairs office).
If you are on the minimum wage you will not reach the 40% band so dont worry, go & get your part time jobs. |
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suerye
 |
If you can tell us how many hours at each job, we can give you a more accurate figure for tax, because, as some posters have said, it depends on your earnings from your first job. |
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FRANCIS G
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If you have two jobs then the second employer won't be able to take account of your tax allowance or the lower rate of tax (10%) so will charge basic rate (22%) on all your income. You will therefore pay far more tax on your second job than your first.
National Insurance is calculated by the two employers in the same way.
If both PT jobs are being paid at minimum wage, then it's unlikely you'd have to worry about the higher rate tax, but if you did slip over the threshold in total (around £33K) then you're obliged to fill in a self assessment. |
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deborahballard1@btinternet.com
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its not worth doing a friend of mine did it and was working for nothing in the end the tax man will rob you dry say on both jobs minimum wage you earn £10 your take about £6.00 out of that you work that out your getting £3 an hour .is it worth it no it isn't |
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pancakes & hyrup
|
When you get a job, you either fill out a tax form or your employer will for you (after asking you some questions)
You pick your dependents that you want to claim. Your dependents will indicate the taxes taken out. If you claim yourself (or "1"), then a little less will be taken out. If you have a wife or kids and you claim each of them, then even less yet. If you're single and claim zero, a lot more will be taken out...but that means a bigger refund.
My tax lady told me the average tax should be 10%, what the govt requires. Any over that should be all refund. If you claim zero, they seem to take close to 25%. |
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