Income Tax Professionals help

Billabong089

Registered User
I got a question, recently I was only making 7.00/hr ( I'm 18) and anyway, I got promoted to $8.50/hr for management and I got totally killed on taxes...

My paycheck with my 7.00/hr rate was at 69.234 hours and I got a gross pay of $484 and my net pay was $389

Federal income - 46.06
Fed Medicare- 7.03
Social Security - 30.05
NJ income - $7.27
NJ disability - $4.48

Now my recent paycheck at approx 50hrs - Gross pay of $377 with a net pay of $273, they took over $104 in taxes from me while the other paycheck they took $95

On this check Federal income was - $66.13 so it appears my federal went up


My filing Status is Single and no exemptions.

So let me sum it up, I worked more hours and made more money my last check and had less taxes taken out and then this check Less hours and less money and more taxes :confused: :confused:
 
your not the only one

Well lets see

regulal 32 hrs 942.08
overtime 18 hrs 794.88
double time 22 hrs 1295.36
total gross 3032.32

fed w/h 580.37
fed fica 188.00
ca swh 191.00
ca sdi 27.29
vacation 303.23
dues 54.00
total deductions 1355.35
net 1643.97
so not counting my vacation and dues they grabbed a grand in one week
IT WAS A GOOD WEEK THOUGH

and thats married claiming 4
so you see it happens to everyone
 
Last edited:
ya....but...

You are making 29.44 hour, he is only doing 8.50 hour, so he feels more of a hit.. He could claim more and get the $$$ now, but at the end of the year then it comes back to bit you.... Do what I did, RETIRE...... then you can cry everytime they raise ANYTHING that you buy.....LOL......Rich
 
I dont know what you're upset about. GW gave all of us a big tax break, remember your $300 check you got several years ago? Not to mention your federal tax's have been lower ever since GW got in office. 1BADSC is right, KEEP voting Republican!!! :D Keep America charging forward the Republican way! and dont forget how much better off you are now that they have been in charge for 3 1/2 years. :)
 
I think because your base pay is a higher amount, your tax rate is higher. They don't count any overtime in your tax %. Welcome to management. :D
 
where are you from...mars??

XR7 Dave said:
I think because your base pay is a higher amount, your tax rate is higher. They don't count any overtime in your tax %. Welcome to management. :D
Tax is worked off the TOTAL amount of your check. What happened with your increase is it put you at the bottom of the next tax bracket. You can work sometimes just one more hour and make LESS take home, then again, sometimes you can miss a hour or two and make more on the TAKE HOME. This is all a game of #'s and if you are in the wrong spot on the bracket, you lose.... Just remember, you get some of that back at tax time IF you do your taxes right....Rich
 
Vote republican.
::rolls eyes::
If Bush stays in office our cost of living will continue to go up. There won't be enough tax revenue coming in to support all of Bush's exorbitant spending. This means that the policies and programs (health care, education, road maintenence, etc etc) will have their budgets cut. They need the money that is disappearing, so they will get it from us directly via higher premiums, higher local taxes, lower educational standards, higher tolls, and so on. Yeah, our taxes are low, but it has increased the cost of living by a disproportionate amount.

Billibong:
You'll get it all back. When they take taxes out of your check, it's all however much the accountants at the company think should cover you...and it's usually a bit optimistic. You will get, at $8.50 an hour, just about all of it back. When I worked commissioned sales at CC, and had a stellar week, it jumped me up a bracket...but it came back to my wallet in the end. You'll be fine. It'll just give you a better excuse to buy one of those FMICs when tax return time comes around.

And, if Kerry wins, your taxes won't be touched. However, life will slowly start returning to being affordable.
 
So making more money per hour is accounted in being taxed? So even if I don't gross more in a week, just because I make more an hour, I lose more?
 
It's either that or your company's accountant is smoking something better than what's on the mainstream market.
 
Tax is taken out based on your PROJECTED earnings. Your projected earnings are based on your hourly x 52 weeks and does NOT include any OT. Your increase in base pay probably put you in a higher tax % bracket. Any overtime will be taxed based on the tax bracket those extra hours put you in but that is only for the hours during the week in which they occurred. Your tax rate on your base hours is not recalculated every week. If it were, then if you only worked one hour in a given week there would be no tax taken out. Such is not the case. You will get it back in the end but it makes living a little tough in the meantime.

Clear as mud?
 
yeah 92Tburn we should get Kerry, he has to be the best since he has voted on both sides of every issue that comes up. "I agreed with that bill I voted for until I voted against it."
 
Actually what offically happened was that, Since I get paychecks biweekly, and the second week of payroll, I got the promotion and wage increase, they put the week before that as Bonus/Supp. Pay which I was told is taxed more since the government feels its "free " money.

We'll find out next paycheck but thanks for your help guys
 
You...don't read much, do you? If you did, you would know that what Kerry was talking about (though he didn't put it very clearly when he originally said it) was an organized protest vote. They disagreed with Bush on the way he was running the whole show so him, and a small group of other Democrats who were on the same page, voted against the $87billion knowing full well that it would pass. This is a common practice in our legislature. A large number of Congressmen did it when Bush put through his half-ashed proposal for the Homeland Security Department in that he didn't give members of the enforcement part of this department the same federal protections that other public safety workes (police, fire, etc) receive. Look it up. You caught one of Kerry's few flubs of public speech. Look at Bush. There's numerous "Bushism a day" calendars. They can make several of them without them all repeating themselves. Does this not alarm you?

And, allow me to make a few more points.
-Fox News (you know, your favorite news source) started a poll asking people about how they feel they benefitted from Bush's tax policies. 40% (the majority number in this poll's results) of those polled say they felt NO benefit from Bush's tax policies/cuts.
-According to a recent Gallup poll, 61% of Americans polled favor Kerry over Bush on tax policies.
-An Associated Press poll found that 43% of those polled found they favor balancing the budget over cutting taxes.

Unfortunately for VP Cheney (and his mentor, Ronald Reagan), deficits apparently DO matter to elections. At least they do now. And they always should have. It's a matter of financial responsibility.
 
Billabong089 said:
Actually what offically happened was that, Since I get paychecks biweekly, and the second week of payroll, I got the promotion and wage increase, they put the week before that as Bonus/Supp. Pay which I was told is taxed more since the government feels its "free " money.

We'll find out next paycheck but thanks for your help guys

Glad I could (kinda) help. Take care.

Now on to the political debate which will doubtlessly ensue!!! :rolleyes:
 
XR7 Dave said:
Tax is taken out based on your PROJECTED earnings. Your projected earnings are based on your hourly x 52 weeks and does NOT include any OT.
All I know is that when I get OT pay it is definitely taxed at a higher rate than my base pay. I don't know if this is a function of my projected earnings or not.
 
Kurt what I was trying to say is that your base hours are taxed at the same rate regardless of OT. Your OT is then taxed at the increased rate based on the gross for the period. At least that is what I have always understood. Any OT or bonuses are always taxed without the benefit of your assumed exemptions or deductions (which your base salary taxes include) and that puts them into the higher tax brackets regardless of your base hours/pay. You then get most of it back at the end of the year when you can apply your deductions and exemptions.

Oh, and I have noticed a HUGE tax benefit since Bush has been in power. Maybe that is because I am a middle-lower class family man. :cool:
 
I'm not saying that NOBODY noticed a benefit. They're choices in that Fox News poll were: No Benefit realized, some benefit realized, big benefit realized.

I just wonder how many people who said Some or Big who were in the 0% tax bracket who, due to their paying of no taxes in the first place, saw literally no benefit. That would be intresting to see, no?

For the record, though, everybody should check out www.factcheck.org. It is non-partisan and corrects what both Bush and Kerry screw up. I find it VERY interesting...and it clearly shows that neither of them are any angel.
 
What cracks me up is that people who pay no taxes thought they were entilted to the tax break refund check as well. I cna't believe Bush sent it to them.
 
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