Friday, February 27, 2009

Working Two Jobs to Make Ends Meet? – Beware of Stimulus “Tax Cuts”

The Internal Revenue Service has recently released the revised tax tables under the Obama Administration’s Stimulus plan. Those who are holding two jobs, (say trying to save some extra money to pay for a mortgage, or other essentials) should be aware that if they receive a reduction of taxes for both positions, they will most likely be “reimbursing the government” for 2009 taxes. It is highly advisable to be certain that should one hold two jobs, or three, given the economy, that they adjust the withholding upward on second and third jobs, in order to avoid paying taxes in 2010. Those have one job only; will see a slight increase in their payroll.

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