I'm gonna do a quick mini-rant. Used to live in a medium-sized southern city. I worked 40-50 hours construction in the summer in residential houses before the AC was in the house. Trimming out the whole house and hardware. 1 or 2 a day, sometimes 6 days a week. Developed a foot fungus because of the sweat.
Started doing DoorDash and Grubhub delivery apps for about 15-30 hours a week on top of that for extra money. I could pull in about 18 an hour pre-taxes. Paychecks were nice.
I'd bust my ass doing trim with no AC, then go work the apps for 3-5 hours a night. It hit me one night while I was delivering to the damn projects two blocks away from my expensive ass apartment. Smelling weed everywhere. Nobody's working because you can smell weed at literally any time of day. 11 AM, 3 PM, midnight. Weed. I deliver to these projects on the first of the month. Answering the door with beers and weed smoke. No tip. I'm busting my ass and my hard work if supplementing their lives. They live in a destination city with expensive ass houses and apartments everywhere. They don't contribute. They live off the working man like leeches. And they don't even give me a dollar tip of my own money back.
I still get pissed thinking about it, obviously. Didn't really have to work that much at the time but two paychecks is sweet. Now I'm making much more so my side work nowadays is not as common but higher paying. I'm gonna go drink a beer.
I'd be fine with ditching both time and a half with payroll taxes. Limiting most people to 40 hours a week is bogus. How much time you spend and how much you get paid for it is between you and your employer.
Of course it does. Work harder and pay more. Someone has to pay for the leeches of society. It’s by the politician design. Make more pay more, Trump needs to push flat tax next term.
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.
This isn't completely accurate. When you make more the calculations assume you moved up a pay bracket as if you would always make that much on a paycheck and withhold a higher percentage. You tax liability will remain the same and you will likely get a larger refund at the end of the year because that assumption meant they took too much out in taxes.
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.
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 ?
Why is that all Trump's job? Wouldnt that fall on the people being there for 50 years that have fucked it all up?
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'm gonna do a quick mini-rant. Used to live in a medium-sized southern city. I worked 40-50 hours construction in the summer in residential houses before the AC was in the house. Trimming out the whole house and hardware. 1 or 2 a day, sometimes 6 days a week. Developed a foot fungus because of the sweat.
Started doing DoorDash and Grubhub delivery apps for about 15-30 hours a week on top of that for extra money. I could pull in about 18 an hour pre-taxes. Paychecks were nice.
I'd bust my ass doing trim with no AC, then go work the apps for 3-5 hours a night. It hit me one night while I was delivering to the damn projects two blocks away from my expensive ass apartment. Smelling weed everywhere. Nobody's working because you can smell weed at literally any time of day. 11 AM, 3 PM, midnight. Weed. I deliver to these projects on the first of the month. Answering the door with beers and weed smoke. No tip. I'm busting my ass and my hard work if supplementing their lives. They live in a destination city with expensive ass houses and apartments everywhere. They don't contribute. They live off the working man like leeches. And they don't even give me a dollar tip of my own money back.
I still get pissed thinking about it, obviously. Didn't really have to work that much at the time but two paychecks is sweet. Now I'm making much more so my side work nowadays is not as common but higher paying. I'm gonna go drink a beer.
I'd be fine with ditching both time and a half with payroll taxes. Limiting most people to 40 hours a week is bogus. How much time you spend and how much you get paid for it is between you and your employer.
Tax rate on OT punishes productivity. It's such bullshit.
Of course it does. Work harder and pay more. Someone has to pay for the leeches of society. It’s by the politician design. Make more pay more, Trump needs to push flat tax next term.
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 crazy. At least your tax money goes to a good purpose. Oh wait.
All these taxes go to paying some lazy ass's salary in the government.
This isn't completely accurate. When you make more the calculations assume you moved up a pay bracket as if you would always make that much on a paycheck and withhold a higher percentage. You tax liability will remain the same and you will likely get a larger refund at the end of the year because that assumption meant they took too much out in taxes.
Yup. Sayin goes: you’re better off working at McyDs than OTs thanks to the government.
There comes a point of diminishing returns..you have to know what that point is.
Yeah i work in NY and the rule of thumb is to not fo over 10hrs of OT. UNLESS you can dump extra into a 401 or somehwere you wont get taxed
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.
Yep. Same for my 10% semi annual bonus. Oh cool I got $1000? i'll see around $600-ish.
You work 50-60 AND make OT? Damn. Truckers gotta start demanding more pay. Especially those poor SOBs driving flatbeds. 🤔
Truckers make insane money as long as they aren't company men.
Source: I am a dispatcher for owner operators. When the economy is bumping, some guys bring home $4k+ a week.
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...
Regulatory Capture. Remember those two words any time a corporation wants increased regulations on their industry.
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.