As of tomorrow... No more overtime?

[posol]

ok, example.

guy A gets paid 500/wk every week
guy B gets paid 2000/month, split bi monthly.

for simplicity of math, tax rate = 10%

Guy A:
500 X 10% = $50
$50 X 52 = $2600 yr/ in taxes.

Guy B:

1000 X 10% = $100
$100 X 26 = $2600 yr in taxes.

dead even.

now, the gov't scale is not straight 10%..
so, say guy a is in the 10% bracket, but guy B is put in the 15% bracket.

all that happens, is at the end of the year, guy B gets mroe money back.
OR, be smart, and claim yourself - 1 - and get less taken out.

its pretty simple.

 

[jamesA]

Originally posted by jeffie7+Aug 24 2004, 09:39 PM-->

pissedoffsol

@Aug 24 2004, 09:35 PM
umm ok, 1/6 is nto 2/6th's your right

but 1/6th X 52 = 1/3 X 26

go back to school- both of you

[post=381293]Quoted post[/post]​

umm 100 out of 300 is 1/3rd
200 out of 600 is 2/6th aka 1/3rd

My point to rev8k was ITS THE SAME they take more money out of your check becuase you MAKE MORE

[post=381296]Quoted post[/post]​

Uh well then I guess someone fucked up because when he started taking taxes from two weeks, more was taken out.

My understanding is the more money you make, the higher the tax bracket you're put into, therefore the more money you make the more money is taken out of your checks.

if you make 300 and they take 20% = 60 taken out
600 might put you in a different bracket... say 25% is taken out...

I dunno if thats what really goes on, or if i was just getting royally fucked...but when they took taxes out of one large check I netted less spendable cash. Get my point mr sarcasm-out-the-asshole?

Oh...I guess I just made hte same point B did in his above post. Thanks B... btw I claimed 1 for this job.

 

[jeffie7]

You're right when you make MORE money you fall under a different tax bracket...

however thats not what you stated you said they take more tax out if you get paid every 2 weeks vs once a week

Well, they take more taxes out when you get paid every two weeks vs every week. Sometimes he'd take taxes out of one check from both weeks combined, instead of week by week.

 

[jamesA]

Originally posted by jeffie7@Aug 24 2004, 10:15 PM
You're right when you make MORE money you fall under a different tax bracket...

however thats not what you stated you said they take more tax out if you get paid every 2 weeks vs once a week

Well, they take more taxes out when you get paid every two weeks vs every week. Sometimes he'd take taxes out of one check from both weeks combined, instead of week by week.

[post=381327]Quoted post[/post]​

Um... that has everything to do with it. I was making more money upon ONE check... that would put me into a higher tax bracket.

 

[jeffie7]

So if you get paid every week you make less money then if you were to get paid every 2 weeks?

 

[jamesA]

Originally posted by jeffie7@Aug 25 2004, 12:04 AM
So if you get paid every week you make less money then if you were to get paid every 2 weeks?

[post=381387]Quoted post[/post]​

no, I netted less when he took taxes out from both weeks together.

 

[TurboMirage]

i um. still have overtime.

dont hate.

 

[b20kid]

Blah Blah Blah

 

[posol]

you brought up a thread thats 2 years old to say blah blah blah?

warning ++