98 hours this pay and $1000 taken off in taxes/pension

[missmiamoore]

Hi there: I am a new grad working in Ontario Canada. As the title of this post says, I got a whopping deduction on my latest pay check. What I am wondering is when is working overtime not worth it anymore due to taxes and other deductions? It seems the more you make the more gets taken off. How many hours approximately would you say is worth the money you actually bring home? I am thinking around 80 per 2 weeks...What do you think?

[RN1982]

Well the saying is

The more you make the more they take.

[RedhairedNurse, BSN, RN]

Approx $1000/month comes out of my check and that's with regular hours, no overtime. Sickening!

[TheCommuter, BSN, RN]

Hi there: I am a new grad working in Ontario Canada.

At least you receive free medical coverage in Canada via universal healthcare. At least your tax dollars will be benefitting you in some way.

I had a preplanned, overnight hospital stay three weeks ago after undergoing a minor procedure. The hospital bill was $20,000. Since my employer-sponsored health insurance pays 80 percent of approved expenses, I must pay 20 percent of this bill, which amounts to $4,000. This might be off-subject, but I feel it's relevant. :)

[criticare]

I work in BC and have found that eight 12 hr shifts are the max to have in a 2 wk payperiod. I have on occasion had income tax deductions as high as $1300.00 for 2 wks. Not happy when that happens. :cry:However, I also work in California and have many friends there and they are paying $700-1200/month for health insurance with deductibles up to $10,000. and co-pay. So in the big scheme of things I don't complain too much anymore about my income tax.:)

[rn2bn07, BSN, RN]

I am comfortable with working 48 hours per week overtime, without being overly taxed.

[lpnflorida]

My rule of thumb has been up 24 hours overtime, was a benefit to me. Over that amount reduced my net paycheck to not worth the hours I had done.

[locolorenzo22, BSN, RN]

working 2 extra shifts a pay period usually makes it ok...more and I lose more now...but at least some goes into the 403b..

[qt2168]

I know this is probably a dumb question but dont they give it back to you at the end of the year when they see how much you made on average?

[lpnflorida]

I know this is probably a dumb question but dont they give it back to you at the end of the year when they see how much you made on average?

It would all depends on which tax category working overtime jumps you up to. I worked with an RN who one year was working as much overtime as they could handle so they could save for downpayment on a house. The following year he was forced to grab as much overtime as he could to try and pay the additional income taxes the government wanted for the first year he worked so much overtime. He learned the lesson, to work more can be a good thing, but in that case have additional taxes taken out, just in case you end up in the so called tax bracket from hell...lol:banghead:

[qt2168]

How do you know when your in what tax bracket?

[lpnflorida]

How do you know when your in what tax bracket?

You can look at your last years tax paperwork or go to the IRS site and request a booklet which will show the different tax brackets. Your running total wages are usually on your pay check.

I know what income threshold I do not want to cross, so I look at current total wages, calculate based on potential scheduled hours yet to work. From there I can see how much extra money for the year I can earn before going over what I want. Or you can take that same information and if you do not need the money, just up the amount in your retirement account to offset your earnings.