[AnriXuinriZ]

its what you get for being a greedy **** and thinking you'll get load's money when in fact you don't.

its Murphy's law [rofl]

[sallythetolly]

its what you get for being a greedy **** and thinking you'll get load's money when in fact you don't.

its Murphy's law [rofl]

Well, he still takes home more than he would in the UK....

[JacksHH]

Yeah, it should work out in the end.
Down here, a second job is taxed higher, for some reason, but end of year is purely by the total earnings.
However, I have worked with people who refused to work ANY overtime because they were of the opinion the taxes were too high.

To OP, IMO, the issue is more about the hours you're expected to work - it's like being indentured to work sweatshop hours - I used to work a 50 hour week, nominal, with very rare OT in emergencies (most was a 74 hour week, IIRC) and that was enough for me.
I hate to think what your actual spare time is, after taking out the additional time for travelling, sleeping, eating, etc?

[Vokbeelllicky]

Well, he still takes home more than he would in the UK....

......So that he has plenty left over for expensive Medical Inurance?


/whistles whilst walking to free Hospital appointment.

[mylittlejewelaa]

But imagine if your regular wages were just below one of these thresholds. ANY overtime you get would cause you to bring home less, until you actually got enough overtime to make up for the higher percentage taken out.

No it wouldn't; this is what I mean by it being a marginal rate. Say the thresholds were equivalent to where 10hrs per day were taxed at 20%, and anything extra at 40%, you would still get more money for working 11hrs than you would for only working 10, it's just that you would only get 60% of the benefit rather than 80%. It's not like working 11hrs means that you pay 40% tax on everything.

There have just been a couple of occassions in the thread where there are claims that working more gives you a lower net and that is not the case.

We have marginal taxation in the UK as well, so I do understand the process that you are trying to explain.

[SM9WI8oI]

It's not like working 11hrs means that you pay 40% tax on everything.

That's exactly what I've been told will happen though by several people I used to work with and several that I work with now, not by people on here. Yes, our annual income taxes are marginalized as well, but trying to figure out how much you're going to bring home on a particular paycheck is always tricky because the percentage they take out is always different unless you work the exact same hours every pay.

Maybe it's just a common misconception though. I worked some overtime the couple months leading up to the holiday season, so I can take a look at some of my older paystubs, but I'm not sure if I could find anything out about it because I never end up with exactly 40 hours, or even the same amount of overtime.

[SM9WI8oI]

It's also a bit goofy because of the way tax allowances work. If you want to be sure to not owe at the end of the year, you should claim 0. Being a single, self-dependant person I believe you're supposed to claim 2, but I did that one year, where I only had 1 full time job with no overtime, and they didn't take enough taxes out for me. If you claim the maximum of 10, they take NO taxes out, but it's up to you to pay everything you owe at the end of the year.

[Shiplyopidomi]

Do you remember what you claimed on your 1040? You could see what you did, and what you could do to help benefit you better.


It is kind of nice to not have to pay the Federal Income tax, at least yet. For the last 2 months of 2009, my 1040 I changed my status to married with a dependent, so no taxes were taken out.

Apparently, when I go back to school, I can get S.S. and Medicare exempt as well?


Always nice to not be taxed to death. Most of my paychecks, at least before I refilled out my 1040, $100+ was consistently being taken out of my check. That is a huge bi/ch, especially when your not making very much money in the first place. Place here at home, the tax rate is almost 10%, so whatever I do bring home, 10% is going to get taxed for my purchases.
A $730 paycheck quickly became $500 paycheck after federal and sales tax. [thumbdown]

[Zjohkrbi]

Yeah, it should work out in the end.
Down here, a second job is taxed higher, for some reason, but end of year is purely by the total earnings.
However, I have worked with people who refused to work ANY overtime because they were of the opinion the taxes were too high.

To OP, IMO, the issue is more about the hours you're expected to work - it's like being indentured to work sweatshop hours - I used to work a 50 hour week, nominal, with very rare OT in emergencies (most was a 74 hour week, IIRC) and that was enough for me.
I hate to think what your actual spare time is, after taking out the additional time for travelling, sleeping, eating, etc?

30 minutes each way to work. I eat at work breakfast, lunch, and dinner on my breaks. Then I go home and try to spend a little time with my wife and then work on my college homework. I pretty much have no life and no time for anything fun.

......So that he has plenty left over for expensive Medical Inurance?


/whistles whilst walking to free Hospital appointment.

$200/mo covers myself and my wife. That covers the $1500 in my HRA, and the $1500 in my FSA. Once I spend $3000 on my plan it covers all expenses @ 100%. $2400/yr for everything sounds quite fair to me, considering my monthly prescription cost for the sinus medications my doc just put me on comes out to $225/mo. My insurance company even covers going to see an hebral quack. Homeopathy or something like that. Oh, and acupuncture too... rofl.

Edit: But keep in mind, I probably have a cadillac health plan. Damn me and my $30,000 a year CEO level wages.

Apparently, when I go back to school, I can get S.S. and Medicare exempt as well?

Huh?

[WepKeyday]

It is kind of nice to not have to pay the Federal Income tax, at least yet. For the last 2 months of 2009, my 1040 I changed my status to married with a dependent, so no taxes were taken out.

Presumably you'll also get a rebate for the previous 10 months as well.

[flopay]

I just hate the way that in The Netherlands, any salary that is paid to you as a bonus is automatically taxed at the top tax bracket of 48% at the point its paid via your salary - irrespective of your income level.

You then have to wait until the end of the year tax return in order to get the difference back (when all your income is recalculated together and mapped against the tax brackets) - loosing interest in the meantime [no]

[netamargr]

Please excuse me for not feeling sorry for you. I think you have the wrong attitude and you should probably look at it from the other perspective and be happy you have a job and can get overtime. Hell there are so many people where I live that are out of work they would gladly trade places with you. And yes you will get most of that money back at the end of the year.