View Full Version : Who should work?
Renee24
Dec 28, 2007, 01:09 PM
My husband and I are looking at getting an additional job in the evenings... He is currently working full-time and I stay home with the baby but one of us needs to get an evening job... we aren't sure if it'll make a difference on our taxes if I work instead of him. Any insight you can give is appriciated. :)
450donn
Dec 28, 2007, 01:27 PM
Personally I worked two jobs for almost 20 years. Finally saw the light and ended it. Remember though that no matter what, a part time job will never pay as much as your day job, and likely will not even make a dent in your income.
oneguyinohio
Dec 28, 2007, 01:39 PM
My only insight would be that you really need to be careful in the second job decision. It will take time away from family togetherness, and might seem to be counterproductive as far as the whole reason you are working. Have you considered child care or waiting until child is in school or preschool? It sounds like you are wanting the child to be with one of you at all times, and I am not against that at all. I don't know if you have any opportunities to work from home or would be interested in anything like that, also do you have any family members who you would trust to babysit. I know there are many reasons that might not be possible, but just trying to suggest some options.
Another idea, and I don't know if it would apply to your situation or not, but some people try to find ways to cut expenses rather than taking a second job... it might mean eating differently, not having new clothes, etc... It all depends on how you value your time. One example is that someone I knew ordered a large pizza every Friday at $25... when they reallized that was about 4 hours pay at the second job, they decided to stay home and eat spaghetti to have more time with family. They are happy with their decision because of the costs differences for them as they found the second job added a lot of extra expenses such as gas.. but it will need to be a conscious decision for each family.
MukatA
Dec 29, 2007, 01:32 AM
My husband and I are looking at getting an additional job in the evenings... He is currently working full-time and I stay home with the baby but one of us needs to get an evening job...we aren't sure if it'll make a differance on our taxes if I work instead of him. Any insight you can give is appriciated. :)
If you are filing jointly, it does not matter who earned the income except for the credit for social security taxes.
If you file separate return, the one with less income may be in the lower tax bracket.
AtlantaTaxExpert
Dec 29, 2007, 09:47 AM
All advice given is very good.
Note that the second job income is being taxed at your highest marginal income tax rate (at least 15% and may be as high as 28%).
Cutting expenses by examining how you budget for items may have a much larger effect on your bottom line than working that second job.
s_cianci
Dec 29, 2007, 11:13 AM
It won't make much of a difference. Obviously you'll file a joint tax return so the income amount will determine your tax, regardless of who's earning the income.
Fr_Chuck
Dec 29, 2007, 11:34 AM
Of what about day care and a job for the homemaker during the day, then the family still have evenings together ?
AtlantaTaxExpert
Dec 30, 2007, 12:05 AM
Fr Chuck:
Daycare costs are so high that it can be the deciding factor as to whether a job for the spouse makes sense or not.
I have proven to more than one set of coples that a wife who works out of the home in a moderate-pay job at best breaks even.
Those wives who work to low-paying jobs actually are PAYING for the right to work when all costs are considered.