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<blockquote data-quote="browniehound" data-source="post: 1238617" data-attributes="member: 4653"><p>I'm not sure you should make that a goal. I'm not an accountant or tax expert, but I think (maybe) if you hit 86K it will put you in the higher tax bracket. And since your federal withholding is based on yearly earnings of less than 86k you may end up owing Uncle Sam instead of receiving an income tax refund.</p><p> </p><p>Again, I'm no tax accountant and could be very wrong here.</p><p> </p><p>Still, I would never want to work the OT hours to make this an issue (earning 88-90K). I have to do it in December and like the money but I'm dead to the world outside of work because I'm so tired. I can't imagine doing it the other 11 months of the year.</p><p> </p><p>Then you have the few people (at least in my center) that hate working OT because they believe Uncle Sam takes too much in taxes on OT pay. I never understood this. Yes, it looks like OT pay is taxed at a higher rate but you still end up with more money no matter how high its taxed than if you worked a straight 8. AND, you clear more in each hour of OT than each hour of straight time, so this baffles me a bit.</p><p> </p><p>The proverbial people who bite their nose to spite their face...</p></blockquote><p></p>
[QUOTE="browniehound, post: 1238617, member: 4653"] I'm not sure you should make that a goal. I'm not an accountant or tax expert, but I think (maybe) if you hit 86K it will put you in the higher tax bracket. And since your federal withholding is based on yearly earnings of less than 86k you may end up owing Uncle Sam instead of receiving an income tax refund. Again, I'm no tax accountant and could be very wrong here. Still, I would never want to work the OT hours to make this an issue (earning 88-90K). I have to do it in December and like the money but I'm dead to the world outside of work because I'm so tired. I can't imagine doing it the other 11 months of the year. Then you have the few people (at least in my center) that hate working OT because they believe Uncle Sam takes too much in taxes on OT pay. I never understood this. Yes, it looks like OT pay is taxed at a higher rate but you still end up with more money no matter how high its taxed than if you worked a straight 8. AND, you clear more in each hour of OT than each hour of straight time, so this baffles me a bit. The proverbial people who bite their nose to spite their face... [/QUOTE]
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