2007-11-17 02:05:52 · 4 answers · asked by shuck n 1 in Business & Finance ➔ Taxes ➔ United States
You'll most likely pay 25% of it if you're single, and 15% if you're married and filing a joint return, for federal income tax, plus the 7.65% for social security. Even if you're single, you get to keep over 2/3 of it, and if you're married filing a joint return, you'd keep over 3/4 of it, so sounds like it's worth it but only you can decide whether the extra money is worth the time you spend on the 2nd job.
2007-11-17 11:42:44 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
If you are single, the increase in income from 50K to 69K does not increase your tax bracket. You will still probably be in the 25% tax bracket.
So there is no extra hit for the extra income in your case. You make too much money for the Earned Income Credit or a deductible IRA (if you have a plan at work) anyway.
2007-11-17 10:46:55 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
Some people mistakenly believe that an additional amount of income, which puts them in a higher marginal tax bracket, will cause all their income to be taxed at the higher rate.
The 50k will still be taxed at the same rate, whether or not you earn an additional 19k.
2007-11-17 13:00:02 · answer #3 · answered by r_kav 4 · 0⤊ 0⤋
Mathematically the answer is yes. The most income tax you would pay is 35% which would still leave you with 65%.
2007-11-17 10:19:31 · answer #4 · answered by Charlie & Angie G 4 · 0⤊ 0⤋