When does too much overtime become stupid to work due to taxes?

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Current Events » When does too much overtime become stupid to work due to taxes?
billman1000
04/26/2017
05:37 PM
#1
If ever?

I just started a new company and make a decent wage, we get time and a half for overtime pay, one guy said anything over 20 hours of overtime is pointless due to taxes taking the majority of it. I have the opportunity to get around 40 hours in the next two weeks, so should I just say fuck it and go for 20 and save time and energy?
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pikachupwnage
04/26/2017
05:40 PM
#2
We would need more information to determine if you would be in a new tax bracket and if that would end up eating too big a portion of the extra pay.
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blablablax17
04/26/2017
05:40 PM
#3
Sounds like a crazy person.
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fan357
04/26/2017
05:40 PM
#4
It's worth it. Just max out your 401k contributions.
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billman1000
04/26/2017
05:41 PM
#5
blablablax17 posted...
Sounds like a crazy person.

The guy saying too much OT isn't worth it? I tend to agree.
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Anteaterking
04/26/2017
05:43 PM
#6
How much do you make an hour?
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billman1000
04/26/2017
05:44 PM
#7
Anteaterking posted...
How much do you make an hour?

I get bonuses on completing jobs sooner, but hourly im just shy of 25. The OT would ultimately contribute to completing a job faster and getting a bonus, so there is that as well...
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Balrog0
04/26/2017
05:44 PM
#8
never
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TheGoldenEel
04/26/2017
05:53 PM
#9
overtime is taxed the same way as regular hours. it might look like you're taxed "more" because you're making more

and since tax brackets are progressive you're not going to ever make less money--all the money you make within a specific tax bracket is taxed at the rate for that bracket
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SK8T3R215
04/26/2017
05:54 PM
#10
It is stupid to work more when you end up with no free time and hate working so much.

Taxes wouldn't be the reason.
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billman1000
04/26/2017
05:55 PM
#11
SK8T3R215 posted...
It is stupid to work more when you end up with no free time and hate working so much.

Taxes wouldn't be the reason.

I totally agree with you, I just got done traveling the country for nearly 3 years so I feel like I have time to make for now lol
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#12
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Makeveli_lives
04/26/2017
05:58 PM
#13
TheGoldenEel posted...
overtime is taxed the same way as regular hours. it might look like you're taxed "more" because you're making more

and since tax brackets are progressive you're not going to ever make less money--all the money you make within a specific tax bracket is taxed at the rate for that bracket

To simplify. If you were in the 20% tax bracket at 50K (so 10K in taxes) a year and 50+ would jump to 30%, most people think taking a raise to 51K would cost them money out of pocket for taxes (30% of 51K is 15.3K). They'd think that their salary went up by 1 K but their taxes would go up by 4K.

What actually happens is they'll take the full 20% from 50K. Then they'll take 30% from the 1K that put you in that tax bracket for a total of 10,300 instead of 15,300.
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ChromeClimber
04/26/2017
05:59 PM
#14
Honestly, CE knows jack **** about filing their tax returns, or tax bracket benefits. So I'm not sure why you are asking them.
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glitteringfairy
04/26/2017
06:02 PM
#15
Spends 3 years traveling the country, decides it's time for a job and gets set up with a $25 an hour job. Fuck off
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Anteaterking
04/26/2017
06:09 PM
#16
billman1000 posted...
Anteaterking posted...
How much do you make an hour?

I get bonuses on completing jobs sooner, but hourly im just shy of 25. The OT would ultimately contribute to completing a job faster and getting a bonus, so there is that as well...


To get to the next tax bracket, you essentially would need to work enough hours that your employer would probably cut you off sooner.

So you just need to weigh your options against "$25" an hour. If you're willing to work more hours at the same rate, then do so.
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billman1000
04/26/2017
06:13 PM
#17
glitteringfairy posted...
Spends 3 years traveling the country, decides it's time for a job and gets set up with a $25 an hour job. Fuck off



lol, to be fair I worked in construction before making close to 40 on rate jobs, I saved up since I was 18 and by the time I was 24 I had enough to take a few years off and travel the country. I came back and right back into construction.
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Current Events » When does too much overtime become stupid to work due to taxes?