I work for the State of NY. One paycheck I worked 9 hours of OT, the next paycheck I had 27 hours of OT.
9 hour of OT paycheck was $1,105 after benefits and retirement taken out. 27 hour of OT paycheck was $1,380 after taxes, benefits, and retirement. I felt like an idiot, had I known I'd only make $200-300 more for two times the amount of OT, I'd have never worked that much to begin with.
If you work 20 hours of OT every single week then you are simply being taxed at the progressive rate of a person in the next tax bracket pays.
If you only work OT a few weeks of the year then eat it the fuck up because those weeks where the accounting believes you are being paid a high salary will eventually return when filing taxes.
The "diminished" pay is just the effects of a progressive tax system. You get paid a lot so they take more.
Self employed here. Here in Florida I had to pay $136 just to say that nothing changed my business in the last year, my uncle has been in business whole life responded to my question about it like this,: you're a business owner so people assume you have money so they think they can take it from you
Styxhexenhammer666 bitches about that all the time. I think most people who have a wage or salary job have no idea that Americans are punished for being self-employed in the USA.
Remember we're talking about the land of hard work and the American dream lol
We need real fixing for small businesses. They can and should be the lifeblood of this country. And none of that muh minority owned or muh woman owned bullshit. Just tax breaks and get out of the way.
The oligarchs that started running the USA 100 years ago (Carnegie, Rockefeller and JP Morgan etc.) didn't want any future competitors. They use burdensome regulations crafted by politicians in their pockets in order to stave off competition...
Yeah, I've seen some of those interviews too. Styx is a great interviewer. Wish he'd do more! Loved his chat with Shiva Ayyadurai, the real Indian, who ran against Elizabeth Warren, the fake Indian, in 2018.
People are gonna realize what an 8% larger take-home paycheck means and demand Congress make it permanent.
And Congress will laugh and spit in our eye.
15% to self employed
Yes, indeed.
No one will ever pay payroll taxes again.
what good is cutting payroll tax if Trump doesn't cut government spending ?
Ain't that a bitch? You do it all yourself, gibs moar!
Write off as much as you can is all I can say...If I had a business my garage would be a $1500/mo warehouse rental to be deducted...
That works right? 😏
I want overtime to be tax-free, because I'm a selfish son of a bitch. I bust out 50-60 hours a week and that OT pay just diminishes.
Yeah the extra on OT makes zero sense.
I work for the State of NY. One paycheck I worked 9 hours of OT, the next paycheck I had 27 hours of OT.
9 hour of OT paycheck was $1,105 after benefits and retirement taken out. 27 hour of OT paycheck was $1,380 after taxes, benefits, and retirement. I felt like an idiot, had I known I'd only make $200-300 more for two times the amount of OT, I'd have never worked that much to begin with.
That's such a mischaracterization.
If you work 20 hours of OT every single week then you are simply being taxed at the progressive rate of a person in the next tax bracket pays.
If you only work OT a few weeks of the year then eat it the fuck up because those weeks where the accounting believes you are being paid a high salary will eventually return when filing taxes.
The "diminished" pay is just the effects of a progressive tax system. You get paid a lot so they take more.
You work 50-60 AND make OT? Damn. Truckers gotta start demanding more pay. Especially those poor SOBs driving flatbeds. 🤔
Also, if you have an employee you get to pay the missing half of his payroll taxes. Sneaky taxes are the best of all taxes
It can but it's gotta be real
Looks outside
Yep, the garage is really there. I put stuff in it even!
Self employed here. Here in Florida I had to pay $136 just to say that nothing changed my business in the last year, my uncle has been in business whole life responded to my question about it like this,: you're a business owner so people assume you have money so they think they can take it from you
Styxhexenhammer666 bitches about that all the time. I think most people who have a wage or salary job have no idea that Americans are punished for being self-employed in the USA.
Remember we're talking about the land of hard work and the American dream lol
We need real fixing for small businesses. They can and should be the lifeblood of this country. And none of that muh minority owned or muh woman owned bullshit. Just tax breaks and get out of the way.
The oligarchs that started running the USA 100 years ago (Carnegie, Rockefeller and JP Morgan etc.) didn't want any future competitors. They use burdensome regulations crafted by politicians in their pockets in order to stave off competition...
BTW the CPA, Chris Whalen, that skyx promoted on his channel is based. Cool guy.
Yeah, I've seen some of those interviews too. Styx is a great interviewer. Wish he'd do more! Loved his chat with Shiva Ayyadurai, the real Indian, who ran against Elizabeth Warren, the fake Indian, in 2018.
Social security is massively underfunded. Why pay into something that's mismanaged? We can invest for our own retirement ourselves!
Am LLC, can confirm
Boom, yes. this is the best news I've had as self-employed in a long time from the government.
That's a huge cut of money back in the pocket.
What happened last time a government-imposed an unfair tax on a people without their consent LOL?
Nothing its been happening for hundreds of years
True
So I am getting an 8% raise till at least January?
...
6.2% raise til January at least. It’s the part that you pay to the government on your paycheck.
What utopia do you live in? 33% here