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Posted

With that much scheduled overtime I will be able to go home with at least 22 hours of OT as I get an hour of overtime regardless every night because I'm a closer and a supervisor. I love my job lol (except when it keeps me away from games. then i hates it so bad.)

Posted (edited)

Wont taxes rape you anyways when working overtime?

Every extra hour worked is taxed at the worker's highest marginal tax rate. Sometimes it can move you to a higher tax bracket.

On your overtime earnings, you will probably have to pay a 28 percent federal income tax, a 7.65 percent federal payroll tax, and roughly a 6 percent state income tax (assuming you live in an average-tax state). Your employer must pay a 7.65 percent payroll tax on your behalf. (looks like I learned something in this class actually..maybe) I never really continued my accountant venture so I am not sure how this will affect you actually lol.

I remember an example from Payroll Accounting from college which went something like this:

Overtime Pay.....................$240.00

Federal Income Tax............$63.20

State Income Tax...............$14.40

Employee-Paid Payroll Tax...$18.40

Total Employee Taxes.........$96.00

Employer Payroll Tax...........$18.40

Worker's Take-Home Pay....$144.00

Government's Take.............$114.40

So as cool as getting a time and half of over time pay it may not be that great

but hey money's money is what I always say :P

New job for you. Play video games ;)

Edited by Gearhart 1st MRB
Posted

Lol I'll avoid it cast and damn son thats a lot of info, but luckilly I'm under 25 so I have to work 43 hours of overtime to hit my next tax bracket so mine stays at about 20% taxed total, yay will-to-work states

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