tinman Posted December 19, 2013 Report Share Posted December 19, 2013 I have had had 90 hour work weeks before.. You will cry when you see how much more uncle sam gets on that OT... You will get about half of anything you work over 60 hours.. Link to post Share on other sites More sharing options...
OILERMAN Posted December 19, 2013 Author Report Share Posted December 19, 2013 I have had had 90 hour work weeks before.. You will cry when you see how much more uncle sam gets on that OT... You will get about half of anything you work over 60 hours.. 'This is a myth, you're taxed for the year, not each paycheck. I think it depends on how your employer withholds taxes too Link to post Share on other sites More sharing options...
Jamalisms Posted December 19, 2013 Report Share Posted December 19, 2013 'This is a myth, you're taxed for the year, not each paycheck. I think it depends on how your employer withholds taxes too How is this not known? Link to post Share on other sites More sharing options...
OILERMAN Posted December 19, 2013 Author Report Share Posted December 19, 2013 How is this not known? Because someone said it and then everyone keeps repeating it over and over Very few people understand what our tax system really is, a progressive tax rate Unless the OT bumps me into the next tax bracket at the end of the year it won't matter. Then even if it does I'm only charged the extra % for the money above the old tax rate Link to post Share on other sites More sharing options...
N/A Posted December 19, 2013 Report Share Posted December 19, 2013 Because someone said it and then everyone keeps repeating it over and over Very few people understand what our tax system really is, a progressive tax rate Unless the OT bumps me into the next tax bracket at the end of the year it won't matter. Then even if it does I'm only charged the extra % for the money above the old tax rate Correct. It is pretty simple. Your company's payroll annualizes your overtime, which bumps you up a bracket or two if a lot of overtime in a week, therefore dollar for dollar, that week has higher withholdings. All you have to do is go to payroll and add an exemption or two to your W-4 to reduce the withholdings before the overtime or going forward to recoup it if you want it back now. Link to post Share on other sites More sharing options...
OILERMAN Posted December 19, 2013 Author Report Share Posted December 19, 2013 I'm pretty sure as a federal employee my witholdings are the same whether I work OT or not, based on my base salary Link to post Share on other sites More sharing options...
ALTitan Posted December 19, 2013 Report Share Posted December 19, 2013 It depends how it is getting processed. Some HR process OT like a bonus and automatically withhold 25%, since it is a federal law for processing a bonus, regardless of W-4. Of course, you'd get some of the money back after you'lll file taxes next year. Link to post Share on other sites More sharing options...
ctm Posted December 20, 2013 Report Share Posted December 20, 2013 I could care less about your income tax witholdings, but please pay your social security. Link to post Share on other sites More sharing options...
OILERMAN Posted December 21, 2013 Author Report Share Posted December 21, 2013 75 hours for week one, week 2 starts today! Link to post Share on other sites More sharing options...
TitansWycheck89 Posted December 22, 2013 Report Share Posted December 22, 2013 @OILERMAN Closed on Sundays right? Link to post Share on other sites More sharing options...
OILERMAN Posted December 22, 2013 Author Report Share Posted December 22, 2013 Normally, I worked 5 hours today though Link to post Share on other sites More sharing options...
TitansWycheck89 Posted December 22, 2013 Report Share Posted December 22, 2013 Thank you. You're working harder than the Titans. Link to post Share on other sites More sharing options...
OILERMAN Posted December 28, 2013 Author Report Share Posted December 28, 2013 Yesterday was the end of this pay period. I worked 35 hours OT the first week and about 20 the 2nd week for 55 hours OT total. Link to post Share on other sites More sharing options...
OILERMAN Posted December 28, 2013 Author Report Share Posted December 28, 2013 Correction: 58 total Link to post Share on other sites More sharing options...
OILERMAN Posted December 28, 2014 Author Report Share Posted December 28, 2014 I didn't beat last year's totals but I put up some crazy numbers The last two weeks I worked 47 hours of OT. I've also had 3 or so raises in between, I didn't make as much but it came close Link to post Share on other sites More sharing options...
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