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Question for the Money Doctors

Question submitted on Oct 23, 2019.

Question

I want pick up a second job. How do I figure out how much I can make before bumping myself into the next tax bracket? My spouse and I NET approximately $142k. Gross appx $185k. We have very little to write off, use the standard deduction and have $3k loss carry over.

Answer

Under the new tax law, the new tax brackets are pretty wide and they are lower than under the old law.   Therefore I would not be too concerned about being bumped up to the next tax bracket.  Please make sure you are claiming Single-0 on your withholding so you will have enough withheld to cover the taxes.  You can go to the IRS website to run some projections to get a heads up if you are going to owe or not.  It is good to know before tax time.


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