Personal Finance

How much will i be paying back on income tax?

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  • Nov 20th, 2018 10:41 pm
Newbie
Jul 22, 2015
67 posts
16 upvotes

How much will i be paying back on income tax?

So recently i started a 2nd job and its part time. Its my first time ever working 2 jobs at the same time. My main job is paying $15.50 an hour and i work 40 hours a week. My 2nd job is part time at $14 an hour and i only work 16 hours a week. I recently started my 2nd job in September sol i havent made too much from them yet. Does anyone have an idea how much i would be paying back in taxes?
9 replies
Deal Addict
Mar 3, 2018
3476 posts
3998 upvotes
GTA
Macadacious wrote: So recently i started a 2nd job and its part time. Its my first time ever working 2 jobs at the same time. My main job is paying $15.50 an hour and i work 40 hours a week. My 2nd job is part time at $14 an hour and i only work 16 hours a week. I recently started my 2nd job in September sol i havent made too much from them yet. Does anyone have an idea how much i would be paying back in taxes?
You are looking at a 20.5% tax rate on the 2nd job. Every dollar will be taxed as it is on top of your full time income. Your 2nd job is likely not deducting enough tax as is it based only on the income you earn with them. Your can request that additional tax be deducted at source.
Newbie
Jul 22, 2015
67 posts
16 upvotes
DaveTheDude wrote: You are looking at a 20.5% tax rate on the 2nd job. Every dollar will be taxed as it is on top of your full time income. Your 2nd job is likely not deducting enough tax as is it based only on the income you earn with them. Your can request that additional tax be deducted at source.
So ill be working just about 5 months before the year ends so ill be only taxed for that 5 months on the 2nd job? And you mean i can ask them to deduct more tax?
Deal Addict
Mar 3, 2018
3476 posts
3998 upvotes
GTA
Macadacious wrote: So ill be working just about 5 months before the year ends so ill be only taxed for that 5 months on the 2nd job? And you mean i can ask them to deduct more tax?
You will be taxed based on all your employment income you receive in 2018. You can submit a revised TD1 form with your employer requesting additional tax be taken off.
Deal Addict
User avatar
Mar 9, 2012
4104 posts
2980 upvotes
Kitchener
For your second job, you can ask your employers for your TD1 and fill in the form and make a $0 claim (so full taxes). You're 2nd job will give you very little pay, but your return will be a lot.
Why can't we all just get along?
Newbie
Jul 22, 2015
67 posts
16 upvotes
Oh okay i see i prefer to have more taxes taken off so i dont have to owe too much at the end of the year. Is the td1 form alot to fill out? Thanks
Deal Addict
Nov 13, 2013
4527 posts
3688 upvotes
Ottawa
Macadacious wrote: Oh okay i see i prefer to have more taxes taken off so i dont have to owe too much at the end of the year. Is the td1 form alot to fill out? Thanks
Why? Out 20 or better 25% aside in a HISA. come tax time you will have left over money plus some interest earning on the money. Granted it is not much right now.

Also think about investing more in your main job as it is likely to be better in the long term. Though at 15.50 it might be as dead end as the other job?
Deal Fanatic
Jan 21, 2014
8518 posts
6261 upvotes
You will get back some CPP & EI overpayments, though not enough to cover the extra tax you owe
Newbie
Jul 22, 2015
67 posts
16 upvotes
fogetmylogin wrote: Why? Out 20 or better 25% aside in a HISA. come tax time you will have left over money plus some interest earning on the money. Granted it is not much right now.

Also think about investing more in your main job as it is likely to be better in the long term. Though at 15.50 it might be as dead end as the other job?
Ive talked to a couple of people and they suggested to ask for the TD1 form and do that and theyll take $75-$100 each paycheck do i dont owe at tax time. And my main job is going well were getting raises every tear and benefits are coming soon

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