How much jail time will I do for identity theft and embezzlement ? will I get charged for both ?

Nobody can answer that question based on such a short question. You need to sit down with competent counsel, who will become familiar with all of the many variables involved.

You could very easily be charged with both identity theft and embezzlement. Given those crimes, and the amount, these will likely be felonies for which jail and/or prison is a possibility. You need to get an attorney. No one can really tell you what you face without all the facts, and the identities of the judge and prosecutor.

I agree with the other answer. You have not provided enough information. I strongly advise contacting a criminal defense attorney. Further, you will need to have all of charged penal code sections available, i.e. PC 530.5, 503, etc. Knowing what the criminal charges are will assist your attorney.

It's not possible to give you an accurate answer without more information. Highly suggest consulting with a local criminal attorney for advice and to discuss your legal options. Early intervention by an experienced attorney can have a huge impact on the outcome of your case. Negotiation with the prosecutor may be possible, but you will need the assistance of a local attorney. Make some calls right away.