The Tax Resources Blog

Posts Tagged ‘web2.0’

Paying Tax Two Jobs

Question: I have two jobs…Tax?

Ok
I have a full-time job now Mon-Fri
and working another job(restaurant) some nights.

The full-time job has required me to write out tax forms,
while the restaurant hasnt…

One of the reasons is the income is not an hourly pay; but dependable on the income for the day (if the restaurant grosses 1000 for the day with two servers, each would get about 70?? i think?)

Am I supposed to mention that I have this job on the tax form?
and I am applying for a loan at my bank, and am I supposed to include the restaurant job income as a part of my income?? (the amount of money I can borrow would depend on it)
I live in Illinois

Answer: I’m not sure what tax form that the FT job is having you fill out. Isn’t it the standard form where you write your name, SSN, deductions? What has another job and other income got to do with it?

If you’re applying for a loan, they are going to ask how much money you made from your jobs. You need to be tracking this stuff. If you didn’t track the non-W2 job, you need to ask the bank what they need to see in order for your “1099-MISC” income job to be included in your loan application. It’s usually paystubs (which you don’t have) and last years taxes.

Lloyd Chapman: Obama’s Budget Plan – Higher Taxes on Small Businesses – Alex Jones Tv 2/3