I'm currently in the process of trying to figure out how many hours I should work per week inorder to maximize my income. It seems like I make less when I work more so I'm trying to figure out how many hours I should work for maximized income/taxes. I dont think that its linear I'm pretty sure its curved any help would be good.
2006-12-18 06:48:01 · 4 answers · asked by Nobody 1 in Business & Finance ➔ Taxes ➔ United States
The more hours you work the more gross income that you earn. You will pay more in taxes,but will still net more dollars.
2006-12-18 09:52:38 · answer #1 · answered by Gone Golfing 2 · 1⤊ 0⤋
There are no formulas. Your Federal income tax bracket is about 25%. If you are self-employed you pay another 15% for social security tax. So your total tax rate is either 25% or 40% if self-employed. If you make $100 then $25 or $40 goes to Federal taxes. You still keep $75 or $60 so work all you want to.
2006-12-18 06:55:52 · answer #2 · answered by spicertax 5 · 0⤊ 1⤋
If additional hours worked puts you into a higher bracket, then you'd essentially make less per hour for the extra hours. You'd still be increasing your total income though. So there's not some maximum number of hours where if you go above it, you make less total.
2006-12-19 04:34:13 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
who's giving thumbs down for the human beings who reported that's the quantity of income no longer hours? cease frauding the government!! that's the quantity you earn no longer hours that get taxed. you will no longer pay very plenty if say, you earn £one hundred a week yet you will nevertheless pay something.
2016-12-18 15:31:56 · answer #4 · answered by hillis 4 · 0⤊ 0⤋