I worked 80 + 19 = 99 hours in last two weeks to boost up the paycheck and I did all that to find out my tax would boost up too!

I mean I actually worked 100+ hours but my payroll runs couple weeks behind so I am getting paid for the previous pay period but still, for working your butt off for 99 hours and getting butt raped in taxes, its just not worth it!

 

I wish my tax percentage were only 25%

Then again, I live in New York "we even want to tax you for drinking non-diet soda" State

 

...

if you get a bonus, you pay more taxes. if you win the lottery, you pay a ton of taxes on that.

work more, get more money... but you still have to pay taxes on it. i'm not seeing why you were surprised by this.



also i don't get paid overtime, i just suck it up like most salaried folks... so consider yourself lucky

 

I guess I will have to suck it up as well!
oh well...

 

My point though is that your tax rate for working 99 hours is the same as when you worked 80 hours. So if after taxes you made $35/hour, you still made out at the exact same rate whether it was 80 hours or 99 hours. (Unless, of course, you get time and a half for overtime!) So in deciding whether to work extra hours, think of it this way - "Well, in after-taxes terms I make $35/hour and bring home $2800 every two weeks. If I work an extra 19 hours that will add $665 to my paycheck (or $997 if I get 1.5 OT.)" And only then can you determine if putting in the extra work is worth it. Don't think of it as "If I put in 19 extra hours, I'll get $800 extra," then get all disappointed when it actually ends up being less than than. Of course it'll be less.

America seems to be middle-of-the-road when it comes to personal taxation rates, in any case. (And on the less-taxed end of things if you're married.)
http://www.mercer.com/pressrelease/details...Content=1287670

 

Yeah I guess I should get married so she can pay half the rent, or maybe I can buy a house with her so she can split the payment, I get a nice garage and my tax would be less...haha

That is a good enough reason to get married? LOL

 

My "effective tax rate" for 2008, after deductions, 401(k) and the like, was 15%. (That includes state income tax - Texas has none.)

 

~30% for me.

Self-Employment FTL.

PS, except for write-offs!

 

Why I enjoy bartending so much,$7hr. and I only claim 20-30 dollars in tips a week and easily pull over $400 in tips.

 

It's all fun and games until you try to turn the tips into tangible assets.

My advice? Invest in Alpacas: a lot of "cash-based-industrialists" are doing it. . .