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

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billman1000 04/26/17 5:37:38 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? --- My Work www.flickr.com/maksim09 <cite>billman1000 posted [p:877959425] in When does ... [t:75282194]...</cite> <quote>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?</quote> ... Copied to Clipboard!
pikachupwnage 04/26/17 5:40:08 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. --- Shut up, Tobin. http://i2.kym-cdn.com/photos/images/newsfeed/000/665/328/d75.gif <cite>pikachupwnage posted [p:877959566] in When does ... [t:75282194]...</cite> <quote>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.</quote> ... Copied to Clipboard!
blablablax17 04/26/17 5:40:11 PM #3:	Sounds like a crazy person. --- Posted using GameFlux <cite>blablablax17 posted [p:877959571] in When does ... [t:75282194]...</cite> <quote>Sounds like a crazy person.</quote> ... Copied to Clipboard!
fan357 04/26/17 5:40:28 PM #4:	It's worth it. Just max out your 401k contributions. --- Everything will be alright. <cite>fan357 posted [p:877959593] in When does ... [t:75282194]...</cite> <quote>It's worth it. Just max out your 401k contributions.</quote> ... Copied to Clipboard!
billman1000 04/26/17 5:41:26 PM #5:	blablablax17 posted... Sounds like a crazy person. The guy saying too much OT isn't worth it? I tend to agree. --- My Work www.flickr.com/maksim09 <cite>billman1000 posted [p:877959645] in When does ... [t:75282194]...</cite> <quote><cite>blablablax17 posted...</cite> <quote>Sounds like a crazy person.</quote> The guy saying too much OT isn't worth it? I tend to agree.</quote> ... Copied to Clipboard!
Anteaterking 04/26/17 5:43:00 PM #6:	How much do you make an hour? --- http://i18.photobucket.com/albums/b136/Anteaterking/scan00021.jpg http://i18.photobucket.com/albums/b136/Anteaterking/scan00021.jpg <cite>Anteaterking posted [p:877959736] in When does ... [t:75282194]...</cite> <quote>How much do you make an hour?</quote> ... Copied to Clipboard!
billman1000 04/26/17 5:44:38 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... --- My Work www.flickr.com/maksim09 <cite>billman1000 posted [p:877959832] in When does ... [t:75282194]...</cite> <quote><cite>Anteaterking posted...</cite> <quote>How much do you make an hour?</quote> 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...</quote> ... Copied to Clipboard!
Balrog0 04/26/17 5:44:57 PM #8:	never --- He would make his mark, if not on this tree, then on that wall; if not with teeth and claws, then with penknife and razor. <cite>Balrog0 posted [p:877959856] in When does ... [t:75282194]...</cite> <quote>never</quote> ... Copied to Clipboard!
TheGoldenEel 04/26/17 5:53:13 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 --- The words of The Golden Eel have been revealed... Games: http://backloggery.com/wrldindstries302 \\ Music: http://www.last.fm/user/DrMorberg/ <cite>TheGoldenEel posted [p:877960357] in When does ... [t:75282194]...</cite> <quote>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</quote> ... Copied to Clipboard!
SK8T3R215 04/26/17 5:54:11 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. --- New York Knicks, New York Jets, New York Yankees. <cite>SK8T3R215 posted [p:877960417] in When does ... [t:75282194]...</cite> <quote>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.</quote> ... Copied to Clipboard!
billman1000 04/26/17 5:55:14 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 --- My Work www.flickr.com/maksim09 <cite>billman1000 posted [p:877960488] in When does ... [t:75282194]...</cite> <quote><cite>SK8T3R215 posted...</cite> <quote>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.</quote> 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</quote> ... Copied to Clipboard!
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Makeveli_lives 04/26/17 5:58:31 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. --- 3DS FC: 0087-2410-1340 <cite>Makeveli_lives posted [p:877960698] in When does ... [t:75282194]...</cite> <quote><cite>TheGoldenEel posted...</cite> <quote>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</quote> 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.</quote> ... Copied to Clipboard!
ChromeClimber 04/26/17 5:59:21 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. --- Currently climbing: 5.11 on lead, 5.12- on top rope, V5 boulder <cite>ChromeClimber posted [p:877960751] in When does ... [t:75282194]...</cite> <quote>Honestly, CE knows jack ** about filing their tax returns, or tax bracket benefits. So I'm not sure why you are asking them.</quote> ... Copied to Clipboard!
glitteringfairy 04/26/17 6:02:16 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 --- "How come you can believe in God but not Bigfoot?" V-E-G-Y http://i.imgur.com/AqR3aeX.jpg http://i.imgur.com/vvuUXpp.jpg <cite>glitteringfairy posted [p:877960955] in When does ... [t:75282194]...</cite> <quote>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</quote> ... Copied to Clipboard!
Anteaterking 04/26/17 6:09:02 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. --- http://i18.photobucket.com/albums/b136/Anteaterking/scan00021.jpg http://i18.photobucket.com/albums/b136/Anteaterking/scan00021.jpg <cite>Anteaterking posted [p:877961405] in When does ... [t:75282194]...</cite> <quote><cite>billman1000 posted...</cite> <quote><cite>Anteaterking posted...</cite> <quote>How much do you make an hour?</quote> 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...</quote> 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.</quote> ... Copied to Clipboard!
billman1000 04/26/17 6:13:10 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. --- My Work www.flickr.com/maksim09 <cite>billman1000 posted [p:877961681] in When does ... [t:75282194]...</cite> <quote><cite>glitteringfairy posted...</cite> <quote>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</quote> 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.</quote> ... Copied to Clipboard!
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Current Events > When does too much overtime become stupid to work due to taxes?