The fiscal cliff

[spotty_dog]

Wanted to quit my second job next month. Now holding off until I know more about our taxes. Not knowing is a bit sucky right now.

It won't hit your pocketbook until April 2014. Under the safe harbor law, you only have to withhold/pay quarterly the amount of tax you paid the previous year. You have all year to figure out if there will be a suckerpunch come tax time.

[moonlight]

Really??? I didn't realize that. I guess I can work until I get my first paycheck in Jan then put in notice. I started working there 1/30/12 and wanted to have a full year of employment for my resume. Its not a really fancy job or anything but my boss is extremely professional (more than what her job description requires) and I'd love to have her as a reference when I go back into the workforce. Turn over is high at this place. One year on the job is like 5 years at a norm job. lol!

[spotty_dog]

Yeah, I mean as an employer I'll probably start using the new withholding tables when they come out, but you won't have any tax penalty if you fudge your w-4 to make your withholding come out the same as previously while you wait for the kerfluffle on Capitol Hill to shake out.