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.
You want to hear even worse - in California if you want to buy silver for investment, the state charges you nearly 10% tax going in. Then they tax you on your investment if you ever make any profit.
You know, if BLM changed its name to Tax Lives Matter, people would be banging on their doors to join.
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.
I was wondering if I was losing my mind or if everyone on here had suddenly gotten reddit hivemind disease. Good to see the ot is taxed higher people are wrong.
Yea the amount you actually pay in taxes is based on your yearly earnings, has nothing to do with individual paychecks. Most companies use formulas or software that does it automatically to figure out how much you should be paying in taxes based on the amount of the check as if thats how much you got on each paycheck. If you know that you will be working a lot of overtime, you can fill out a new W-4 (i think that's the right form) to lower your tax dependencies so that you can remain taxed at the correct rate, just don't do it for too much of the year or you will end up owing when you file your taxes. If you leave it alone and work a bunch of overtime, you will receive a tax refund.
Its 51 hours in texas before you are taxed at, above your hourly rate.. I did 80-90 making someone else rich. It no longer pays to work hard. You make less due to taxes than your hourly wage after 50 hours a week.
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.
I want one of those lazy ass salary government jobs. Why can't we get those?
You want to hear even worse - in California if you want to buy silver for investment, the state charges you nearly 10% tax going in. Then they tax you on your investment if you ever make any profit. You know, if BLM changed its name to Tax Lives Matter, people would be banging on their doors to join.
Would be great if we were able to choose where our tax money goes within 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.
I was wondering if I was losing my mind or if everyone on here had suddenly gotten reddit hivemind disease. Good to see the ot is taxed higher people are wrong.
Yea the amount you actually pay in taxes is based on your yearly earnings, has nothing to do with individual paychecks. Most companies use formulas or software that does it automatically to figure out how much you should be paying in taxes based on the amount of the check as if thats how much you got on each paycheck. If you know that you will be working a lot of overtime, you can fill out a new W-4 (i think that's the right form) to lower your tax dependencies so that you can remain taxed at the correct rate, just don't do it for too much of the year or you will end up owing when you file your taxes. If you leave it alone and work a bunch of overtime, you will receive a tax refund.
Correct
It should also be pointed out that the way tax brackets are calculated changed in the Tax bill.
The previous tax code used the CPI-U measure to adjust the brackets, while the new code uses the C-CPI-U measure.
This rises slower, so as you get pay rises you're going to get into the next bracket sooner.
https://fredblog.stlouisfed.org/2018/01/new-tax-code-new-price-index-new-tax-bracket-adjustments/
And a video about it
https://youtu.be/RA8PX_T1Suw
Yup. Sayin goes: you’re better off working at McyDs than OTs thanks to the government.
They want to ruin our work ethic and make us depend on them!
There comes a point of diminishing returns..you have to know what that point is.
Its 51 hours in texas before you are taxed at, above your hourly rate.. I did 80-90 making someone else rich. It no longer pays to work hard. You make less due to taxes than your hourly wage after 50 hours a week.
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