Last week I was paid for 45 hrs. Obviously, thats 5 hrs of OT. This week I got paid for 49.75 hrs. So yeah…4.75 hrs more OT and the difference in my check was only $12. I make $8.50 an hr so my OT is $12.75 (Idc if people know how much I make, so fuck it, I’ll throw out figures). So after an extra $60.56 gross, I only get $12 of it. WTF. Was I bumped up a tax bracket or something? That just doesn’t sound right. I bring home $357 for working 45 hrs, yet I only bring home $368 for working just shy of 50. :gotme:.
welcome to NYS mutha fucka … sell dope it’s tax free
Wow! I make 10 an hour at roughly 44-45 hrs a week and I’m only bringing home 346-350. It all depends on what you claimed when you filled out that tax form.
Yeah I think I filed Single-0 or Single-1. I know they take alot out. But wtf. Thats more than usual so I figured it was bumping me up a tax bracket because my gross was little higher. But I’m not sure what the Gross income bracket levels are.
Sounds about right. Last weeks paycheck for me had $457 of taxes taken out, I hate NYS. I should just start claiming single with 9 dependents because they’ve taken enough out already this year… ( and I don’t even make that much, I’d hate to see what some of the big rollers get taken out like newman, and joestypes )
it’s not uncommon for me to lose 1200-1400 every check in taxes. i get paid bi-weekly but it still kicks your ass.
:tup: to losing over 12k of pay in taxes so far this year though.
What happens is the tax taken out of your check is an estimated amount.
The more you make, higher the tax % of the total. The higher the paycheck, the higher the tax. In your case, you have one check that is higher that week. That one check won’t put you in the higher tax bracket at the end of the year, but because the software that is used to calculate the deductions from you check doesn’t know that this is a one time thing, they take out a higher % of tax.
The long and short of it is that no matter what they take out, at the end of the year when you file it will all level out. If they are taking more out on those overtime checks now, you will get it back at the end of the year. If they don’t take enough out, you will owe money.
[quote=“RobtC,post:6,topic:34377"”]
it’s not uncommon for me to lose 1200-1400 every check in taxes. i get paid bi-weekly but it still kicks your ass.
to losing over 15k of pay in taxes so far this year though.
[/quote]
So you’re making a solid $100K this year, what are you crying about?
x…
On top of everything I paid in claiming 0 last year at my regular 40 hour a week job I ended up writing a check for 9k to the feds and 2500 to state on tax day. The joys of 1099 work. At least there is a loophole that because I got a refund last year I didn’t have to pre-pay any taxes. 12k sitting in an HSBC online savings account @ 5.05% > 12k sitting in Uncle Sam’s bank giving me 0.0%.
And Jeg, at 8.50/hr I seriously doubt even with OT you’ve moved into a higher tax bracket. For 2007 you have to break $31,850 to get out of bracket #2 if you’re filing single. Even at your OT rate of 12.75 working 40 hours a week you don’t break that ceiling, so no way a few extra hours would do it.
[quote=“Xander,post:8,topic:34377"”]
What happens is the tax taken out of your check is an estimated amount.
The more you make, higher the tax % of the total. The higher the paycheck, the higher the tax. In your case, you have one check that is higher that week. That one check won’t put you in the higher tax bracket at the end of the year, but because the software that is used to calculate the deductions from you check doesn’t know that this is a one time thing, they take out a higher % of tax.
The long and short of it is that no matter what they take out, at the end of the year when you file it will all level out. If they are taking more out on those overtime checks now, you will get it back at the end of the year. If they don’t take enough out, you will owe money.
So you’re making a solid $100K this year, what are you crying about?
x…
[/quote]
Ah gotchya.
[quote=“Xander,post:8,topic:34377"”]
So you’re making a solid $100K this year, what are you crying about?
x…
[/quote]
And doesn’t sound like enough is going to 401k… lol
(just by the sound of it, don’t take it personally.)
How many people are clearing 6 figures on here this year? 10-12? That number seems so inflated… and hard to believe, but it sounds like it.
ya… you didnt jump tax brackets lol…
figure you will get raped for 30 percent every check.
and dumping more into 401k to get out of a higher tax bracket FTW
i’m not at 100k, not even close
i’ve lost 12k this year, not 15k it was a typo.
[quote=“Jack,post:15,topic:34377"”]
Are you doing something really wrong or what?
[/quote]
lol what i was thinking exactly.
fuck OT. Get a salary job bro.
[quote=“Locutus,post:12,topic:34377"”]
ya… you didnt jump tax brackets lol…
figure you will get raped for 30 percent every check.
and dumping more into 401k to get out of a higher tax bracket FTW
[/quote]
yeah if I had a 401k I’d be dumping money into it like there’s no tomarrow. 401k with a good plan ftmfw.
florida and no state tax FTW