i work hard all week, and too try and get ahead i stay extra, but all my extra time in goes to UNCLE SAM!
you already get the steady fourty taxed, and were taxed in everything we do, so i say that for those hard working few that are trying to get ahead i say that we shouldnt be taxing our over time that being anything over fourty hours a week.
2007-02-23 10:55:02 · 11 answers · asked by And i heard as it were a thunder 6 in Business & Finance ➔ Taxes ➔ United States
The government feels entitled to a cut to all income you make.
Let's think this through. Imagine your first 40 hours were taxable, but any OT wasn't. Don't you think we'd all offer our employers a low rate for the first 40 hours, and a high rate for the first OT hour?
2007-02-23 13:55:17 · answer #1 · answered by Quixotic 3 · 1⤊ 0⤋
Tax is assessed on Gross Earnings. The Government earns Billions on the overtime people work. France is a Republic and their President is replaceable. Wait and see what the next one will do. Incidently some workers get days off in lieu of overtime so no money is paid to these workers. The UK Government would like to stop this practice.
2016-03-29 09:16:36 · answer #2 · answered by ? 4 · 0⤊ 0⤋
Income Tax is self explanatory up to a set cap. Then it gets fluked in logic. Earned Income is taxable.sorta.
If you are lower or working class, taxed on what you earn,buy and save.
If you are upper class, tax breaks are as good as the Tax Attorney,CPA and Bribes that you have to pay.
There has been libraries of books written and recorded on that subject of taxation. You can buy-rent some at The Library of Congress, some were burnt in 1784.
No matter where you go, there you are, prices and taxes will rise, so stay the course, or don't, but always wear sunscreen.
2007-02-23 11:21:47 · answer #3 · answered by Anonymous · 0⤊ 1⤋
All compensation is subject to OASDI (up to around $90,000), or social security, of 6.2% for an employee.
ALL compensation is subject to medicare taxes of 1.45%
And ALL compensation is subject to federal withholding, and applicable state withholding.
IF you want more money from your paycheck, consider increasing your exemptions per your W4. That way you don't have to wait until tax time for a refund.
The more you make the higher your marginal tax rate can be. That's just the system currently in place.
There are things you, the individual, can do to maximize your take home pay, like taking advantage of flex spending accounts, dependent care flex, etc. But that's up to you.
2007-02-23 11:01:43 · answer #4 · answered by Molly 6 · 2⤊ 1⤋
Yeah that sucks big time!! Uncle Sam definately has his hand in the pot doesn't he. I know that my hubby doesn't like working more than a few hours OT because he doesn't see very much of the earnings on the paycheck. More taxes get taken out.
2007-02-23 11:16:53 · answer #5 · answered by fiestyredhead 6 · 1⤊ 1⤋
Any income is taxable, no matter how you get it, somebody has to pay for the war in Iraq..unless your a Guamainun, Porta Rican or indian..
2007-02-23 11:11:04 · answer #6 · answered by xyz 6 · 1⤊ 1⤋
Simple, because all income from wages is taxable. That's the law, like it or not.
2007-02-23 11:24:10 · answer #7 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The IRS doesn't know or care how many hours you work. They only care about the TOTAL amount you earn.
2007-02-23 10:59:56 · answer #8 · answered by STEVEN F 7 · 8⤊ 0⤋
You asked why. The answer is because they can. And they need to because they want to spend more and more. After all that is their job.
2007-02-23 11:22:02 · answer #9 · answered by hebb 6 · 0⤊ 1⤋
gov. would tax your fingernail clippings if they thought they could
2007-02-23 11:22:34 · answer #10 · answered by Anonymous · 0⤊ 1⤋