Published Dec 7, 2007
Agnus
2,719 Posts
Just got my pay statement. I did a few hours over what I usually do and got a bonus. After taxes and regular deductions I received 42% of my gross!. The only withholding that increased was taxes!
Tweety, BSN, RN
35,402 Posts
A lot of people say the more the make it "puts you in a different tax bracket". For me that doesn't seem to be the case, because the more I work, the more money I take home. Naturally I pay more taxes, but it seems to always be at about the same rate as the normal pay....i.e. a boatload of money.
I knew this but gee. I did expect a little more than this. Oh well hope our accountant can recover some of this when filing taxes. Yes it is a boat load.
I am 2 yrs now in a state that has income tax after coming from a state that had none. So when I first came here I choked on what the state was taking out. And on state income tax here I do not see any refunds.
Dalzac, LPN, LVN, RN
697 Posts
any thing more than 12 hours would hack into my Check, so I kept it between 8 and 12 hours per week
I generally do 24 hrs per week. I did 66 in two weeks 8 of those were holiday, plus a $1700 bonus.
Kim O'Therapy, BSN, RN
773 Posts
I knew this but gee. I did expect a little more than this. Oh well hope our accountant can recover some of this when filing taxes. Yes it is a boat load.I am 2 yrs now in a state that has income tax after coming from a state that had none. So when I first came here I choked on what the state was taking out. And on state income tax here I do not see any refunds.
I feel your pain. My husband and I moved from Florida to Arizona and it took awhile to get use to the extra money taken out for the state; however, we usually ended up getting some of it refunded at tax time.
Best of luck to you.
suanna
1,549 Posts
Most payrole departments take the weekly/biweekly check and multiply it by the appropriate factor as if that was what you make every week to come up with an anual income. They then withhold the expected tax obligation. If you work overtime every week you will appriciate this next April; if not you will get the excess back when you file your taxes. People who say "I never work more than x number of hours extra because they just take too much out of my check for taxes aren't thinking it through. My hospital used to "split " the overtime off the regular check. That was great week to week but since I pick up a lot of time I ended up having to pay uncle Sam 2-3 thousand dolars each year over and above my withholding.
Kyrshamarks, BSN, RN
1 Article; 631 Posts
working an occsional overtime shift does NOT put you into a different tax bracket!! Let me explain for ya... a nurse that is married and filing jointly and say earns 25./hr for a 36 hr week will earn 900.00/wk pretax. that would put the yearly income with no Ot at 46,800. That would put the nurse in the 15% tax bracket which is the income between 15,650 to 63,700 dollars. That would mean for the nurse to go into the next tax bracket of 25% she would need to get 16,900 in OT that works out to 451 hrs at time and a half. That works out to 38 12 hour days. that is 19 weeks of working 2 extra shifts a week before you would get into the next tax bracket. So working an shift extra every week from Jan. thru Oct to get you that far.