- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
How much extra am I about to get hammered?
Posted on 7/7/15 at 12:54 am
Posted on 7/7/15 at 12:54 am
The IRS website isnt loading and I have a quick question. So for the time being I am getting paid hourly. There was a screw up on my last check that was for two regular 40 hour weeks. However it should have been 84 hours for each week, those additional 88 hours that I didnt get paid for are being added to my check coming up which is going to kick me into the highest tax for overtime. Just trying to figure out how much more it is going to be. Just finding out about it and not too happy much less the fact that we get fricked and don't get time and half.
1
Posted on 7/7/15 at 5:48 am to GREENHEAD22
I may be confused, but it appears your only issue would be missing out on overtime pay (time and a half). At the end of the year, you really just pay taxes on the income you make. Your taxes withheld from each paycheck are an attempt to estimate tour total income, but if the rate fluctates due to bonuses, overtime,etc. It will throw you into the higher tax bracket incorrectly. It assumes you make that larger check regularly (from my understanding of it). So in reality, you probably are closer to what your actual tax rate should be, because in teality, you got double the workload this pay period, but for the year, are you getting double the pay? If its a regular occurance then you might owe for those two checks, but I doubt the differemce is huge.
Posted on 7/7/15 at 6:31 am to KG6
So in short it will all end up the same at the end of the year basically? I bring it up bc it is my understanding that when it comes to overtime there are three different withholding brackets. Ball park but it jumps up after anything over 76 hours and then again after anything over 92 or so hours, I think.
I am a little confused by the wording in your post. They are taking the 88 hours of over time that should have gone on my last check and adding it to this check "bimonthly checks", So this check will have two 84 hour work weeks plus an additional 88 hours of overtime that was should have been on the previous check.
Now that I am thinking about this more clearly I realize this is a stupid question. At the end of the year it wont matter bc it will be based off of my income for the year. Need to remember my coffee before posting.
I am a little confused by the wording in your post. They are taking the 88 hours of over time that should have gone on my last check and adding it to this check "bimonthly checks", So this check will have two 84 hour work weeks plus an additional 88 hours of overtime that was should have been on the previous check.
Now that I am thinking about this more clearly I realize this is a stupid question. At the end of the year it wont matter bc it will be based off of my income for the year. Need to remember my coffee before posting.
Posted on 7/7/15 at 7:17 am to GREENHEAD22
You seem like a smart guy. Google IRS tax brackets and study. IRS cares nothing about hours. Quit listening to the guys with grease on their hands at work. 
Posted on 7/7/15 at 7:33 am to GREENHEAD22
quote:
At the end of the year it wont matter bc it will be based off of my income for the year
My first post was a little jacked up from posting on the phone, but this pretty much sums it up. There are people who just don't get taxes and are afraid that anything extra on their check is going to make them lose money somehow. In the end, when you do your tax return, you will get your W2 and any other form for which you made income. Total that income and that decides you bracket and how much you owe.
If they messed up and had to make up for it by giving you one big check at some point, they probably withheld more than they were supposed to on that check, because the payroll software assumes you make that much every check and that would push you into a much higher bracket. In reality, it's a one time thing. You will get the money back when you do your return. I know when I first started working that was the case at least. Now I make a bit more, am in higher brackets, and have earnings and dividends from investments. So, anytime they take a little extra due to a bonus, it really only goes to help pay off those taxes and I still owe at the end of the year
. But I'm not silly enough to not realize that making more money is worth paying a little extra in taxes. I'm still making more money. Posted on 7/7/15 at 7:55 am to KG6
Yea, once we slow down a bit and I get a chance to catch my breath I am going to have to sit down and really figure out my financials. Taxes will be a little more involved this year with dividends, investments, school loan, etc. I have a couple threads bookmarked and will prob start a couple as well. With oil down and going lower and a dip in the market overall I want to do some more investing soon. Also need to get my financial goals outlined and put to paper.
Still a lil nervous though to do anything too big with still a good bit of uncertainty and volatility in the industry.
Still a lil nervous though to do anything too big with still a good bit of uncertainty and volatility in the industry.
Posted on 7/7/15 at 7:59 am to guesswho
Appreciate it, didnt know you wondered over this way from the OB. I dont get to get on much anymore but where has your bud Choir been? He got tired of making everyone envious with his stingers of green?
Posted on 7/7/15 at 12:09 pm to GREENHEAD22
Sobwhats up with no increase for overtime pay? Is that legal?
Is it something they negotiated with you just agreeing to give you extra hours?
A bit off topic, but can you give details and your line of work?
Is it something they negotiated with you just agreeing to give you extra hours?
A bit off topic, but can you give details and your line of work?
Posted on 7/7/15 at 12:33 pm to GeeOH
I am going to look over my offer again to see the exact wording but yes some how it is legal. I work for a global oil and gas service company. Basically I am guaranteed 40 hours a week and my hourly rate for any hours over that while I am a SSE. Once I "breakout", pass a test basically saying I am competent to run/work jobs I get a set salary and job bonus.
Posted on 7/7/15 at 3:38 pm to GREENHEAD22
Yea I dont know what happened to him. Might be working on his duck property.
One thing I love more than duck hunting and thats money. That's what brings me here
One thing I love more than duck hunting and thats money. That's what brings me here
Posted on 7/8/15 at 12:36 am to guesswho
I hear ya bud. And he must have it nice, hes retired? or enough $ not to care. Dream is to just be able to spend my days doing food plots and making duck holes.
Posted on 7/8/15 at 8:54 am to GREENHEAD22
don't confuse tax withholding rates and what you actually pay. They aren't the same.
Posted on 7/8/15 at 1:34 pm to GREENHEAD22
Family money and land 
Posted on 7/8/15 at 2:59 pm to GREENHEAD22
I was wonder about CB the other day too. Use to post a lot and haven't seen him in a while.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News