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An alternative is to divide your allowances between the two jobs on the Form IL-W-4 you give to each employer, or you could claim all your allowances with one job and none with the other.
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You can’t claim the same allowances with more than one employer in a single tax year. If you have more than one job, you’ll need to split your allowances between your jobs. Illinois doesn’t have any local income taxes. Your employer will withhold money from each of your paychecks to go toward your Illinois state income taxes. On the state level, you can claim allowances for Illinois state income taxes on Form IL-W-4. A bigger paycheck may seem enticing, but smaller, more frequent paychecks can make it easier to budget without coming up short by the end of the month. That’s why pay frequency is a common question on paycheck calculators. If you’re paid more frequently, each of your paychecks will be smaller. You might also have money subtracted from your paycheck if you contribute to a 401(k), a flexible spending account (FSA) or a health savings account (HSA). For example, if you pay a share of premiums for health insurance, life insurance or disability insurance through your company, that money will be deducted from your earnings. Some employees in Illinois might have more money taken from each paycheck. In the absence of allowances, filers are required to enter annual dollar amounts for things like income tax credits, non-wage income, itemized and other deductions and total annual taxable wages. This new version no longer asks you to list total allowances, as it instead uses a five-step process that lets you enter personal information, claim dependents and indicate any additional income or jobs. In recent years, updates have been made to Form W-4.
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The percentage that’s withheld will depend on things such as your income, your filing status (single, married filing jointly, etc.) and any tax credits you indicate on your W-4 form. Your employer will also withhold money from each of your paychecks to put toward your federal income taxes. Joint filers making over $250,000, and married individuals with more than $125,000 filing separately, also pay the Medicare surtax. If you file your taxes as single, any earnings you make in excess of $200,000 will be subject to an additional 0.9% Medicare tax, which is not matched by your employer. Together these are called FICA taxes, and your employer will pony up a matching contribution. Number of cities that have local income taxes: 0įor each pay period, your employer will withhold 6.2% of your earnings for Social Security taxes and 1.45% of your earnings for Medicare taxes.Median household income in Illinois: $78,433 (U.S.