Is it really worth the Overtime?

Question

If you do 80 hrs a week work. thats 40 hrs overtime. Do you pay more taxes? specially if your single?

Or might as well stay on the 60 hrs a week rule. with only 20Hrs overtime and you pay less taxes.

I know you get the tax refund back. but if your single you will never get half of it.... or am I wrong here?

btw im only part time minimum of 20 hrs a week. but my company let us do more than that as you can see.

Working here in florida.

Answer 1

YES! It puts you in a higher tax bracket & they do deduct a higher percentage. You get some of it back when you file your taxes, especially if you are claiming 0 dependants.

It isn't however as bad as working in 2 seperate jobs or work places. That's when they really kill you! One year, our company got sold & only a few of us got re-hired by the new owners. They hired us at a lower wage & as casual employees, so we didn't get benefits. I got a 2nd part time job to make up the difference.

I claimed 0 dependants for both employers, so maximum taxes should be withheld, but when I went to file my tax returns, I ended up having to pay over $500. (And I only earned about $3000 that year for the 2nd job)

Here I had no time for sleep, fun or time for myself, & was tired all the time. I was counting on getting a refund to help me pay bills, & instead ended up having more bills. I(I tried re-doing my taxes as if I were 2 seperate people, filing 2 seperate taxes & I would've got a refund for over $700!!)

I couln'd afford to pay the taxes (I was counting on that refund) so filed with out payment with a letter saying how un-fair it was. That if I were 2 people, I would've got a refund, & that tax laws like this is what makes a girl want to just give up get pregnant & collect welfare! (I was REALLY P*****!... as I would never do someting stupid & spiteful like that) Not that the tax people gave a rip. What ended up happening is they took really long to bill me, & then charged me late paymet fees! I had quit the 2nd job as soon as I did my taxes!

But extra hours at the same job shouldn't effect you like that. Just don't wear yourself out, & if you want a refund claim 0, or no more than 1 for yourself.

Note: Hawaii...we also have to file State Taxes...which made it worse!

Answer 2

If you work more and earn more money you will pay more in taxes. But is it worth it? only you can decide. The most you would pay is 35% in Federal tax so you still get the other 65% minus state tax. The 35% marginal rate is charged on the people with the highest incomes, for single that is a taxable income of $349,700

Answer 3

The most income tax you can pay is still around half of the highest dollar you earn - and to pay that much, you'd have to have an annual income in the hundreds of rhousands of dollars.

Answer 4

More you earn, more will be your takehome pay.
On your income you pay social security and medicare tax at 7.65%.
Assume that your yearly income is $40,000. Your deductions are $8,750. Your taxable income is $31,250.

Rate of federal income tax on your taxable income
Schedule X — Single
is over-- But not over-- The tax is:
$0 -- $7,825 -- 10% of the amount over $0
$7,825 -- $31,850 -- $782.50 plus 15% of the amount over 7,825
$31,850 -- $77,100 -- $4,386.25 plus 25% of the amount over 31,850

Answer 5

It doesn't matter when you do the work - ultimately your taxes will be based on your total taxable income.

Answer 6

dude, invest the money in roth ira or something to offset the taxes. and don't vote democratic because they've never seen a tax they didn't like. good luck.

Answer 7

Who cares. You have more money in your pocket.