1. Short title This Act may be cited as the Second Job Tax Relief Act of 2024 . 2. Exclusion of compensation for certain secondary employment from income and payroll tax (a) In general Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new section: 139J. Earned income from additional employment (a) In general In the case of a qualifying taxpayer, gross income shall not include secondary employment compensation. (b) Phase-Out The amount of compensation excluded from gross income under subsection (a) (determined without regard to this subsection) shall be reduced (but not below zero) by the amount which bears the same ratio to the amount which is so excludable as— (1) the excess (if any) of— (A) the taxpayer’s modified adjusted gross income (as defined in section 36(b)(2)(B)) for such taxable year, over (B) $100,000 ($150,000 in the case of a married couple filing jointly), bears to (2) $50,000. (c) Secondary employment compensation (1) In general For purposes of this section, the term secondary employment compensation means compensation received for employment during a taxable year with respect to which an individual has made an election under paragraph (2) for an employer other than the primary employer of such individual. (2) Primary employer (A) Election A taxpayer may elect to designate, with respect to a taxable year, a primary employer if such individual was compensated on an hourly basis for not less than 2080 hours of work by such employer. (B) Definition For purposes of this section, the term primary employer means, with respect to a taxable year, an employer designated by the taxpayer under subparagraph (A). (d) Sunset Subsection (a) shall not apply to compensation earned in taxable years beginning after the date is that is 5 years after the date of the enactment of this section. . (b) Application to employment taxes (1) Social security taxes (A) In general Section 3121(a) of such Code is amended by striking or at the end