quote:
Guys is making $35k as salary and is taxed at 15%

He takes on a part time gig, hourly to make another 15k. Pretty much all of that additional 15k is taxed at 25% now, and it's likely at a less rate of pay than his salary, meaning he's pretty much always working.. Just saying, it may not be worth the time. Sometimes you're better off putting in the extra hours at your full time job to advance your career.

So you think the guy is better off with a net of $29,750(not considering tax deductions) then $41,000? Yeah that extra $1,500 in taxes due to rate increase is really not worth the extra $11,250 in net income.....

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Posted by dwr353

Member since Oct 2007

2130 posts

Posted on 5/8/15 at 12:11 pm to Oenophile Brah

To determine your tax rate, take your total income and subtract your standard deduction and personal exemption(s), that is your taxable income. The first $18150 is at 10%,income from 18150 to 73800 is at 15%, from 73800 to 148850 is at 25%. If your taxable is at 85000 for instance, you pay 1850 on the first bracket and 10027 on the next bracket for a total of 11877. Go online and you can get the other rates(these are 2014 as I recall). This is a rule of thumb. If you itemize it will not be that simple. If your income is over 73800, get a CPA, it is money well spent.

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Posted by TigerDeBaiter

Member since Dec 2010

10268 posts

Posted on 5/8/15 at 1:39 pm to Oenophile Brah

I guess my logic would be better off applied if the primary job is his long term career. Focus on impressing your bosses with performance and dedication and raises will come... rather than being the first guy out at 5:00 because you have to be at job two at 6:00. To each his own.

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