Does anyone know where I can find this or know what the rate is? My husband will be reciving 16 hours of overtime per month due to his compressed schedule and we need to figure out how much of that will be taken out by taxes... I cant seem to find that rate anywhere... thanks in advance
2007-05-12 18:27:57 · 4 answers · asked by Kristin B 4 in Business & Finance ➔ Taxes ➔ United States
Overtime pay is taxed the same as regular income. So whatever your tax rate is, is the rate you'll pay.
If you file a joint return and your gross income is between around $30K and $80K, the federal rate would be 15%. Social security would take another 7.65%. If you live in a state where there's state tax, that would be additional.
2007-05-13 03:46:24 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
it's the same as the tax on regular time - it is still income, just more income per hour.
2007-05-13 03:45:35 · answer #2 · answered by ceprn 6 · 0⤊ 0⤋
Many states have cewrtain occupations that OT laws do not apply to. Yours may be one.
2016-05-17 04:58:27 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Withholding is based on gross pay, pure and simple. Go here for some handy estimators: http://www.paycheckcity.com
2007-05-12 19:55:22 · answer #4 · answered by Bostonian In MO 7 · 2⤊ 0⤋