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Started By
Message
How much is gross pay if someone is paying $1500 in taxes
Posted on 1/26/17 at 2:48 pm
Posted on 1/26/17 at 2:48 pm
This is per week...married claiming 2
This post was edited on 1/26/17 at 2:49 pm
5
Posted on 1/26/17 at 2:53 pm to LSUsmartass
In total tax liability? Income tax only? Stat taxes?
If it is only federal income taxes, approximately $290k
If it is only federal income taxes, approximately $290k
Posted on 1/26/17 at 2:54 pm to LSUsmartass
You are having $1500 from your check being withheld in taxes?
Posted on 1/26/17 at 2:57 pm to LSUFanHouston
No, my wife called me and said her coworker told her that her husband worked so much overtime this week that they took out $1500+ in taxes alone
This post was edited on 1/26/17 at 2:58 pm
Posted on 1/26/17 at 3:45 pm to LSUsmartass
I could easily see someone knocking down 5500 for a week with 50-60 hrs of OT.
Posted on 1/26/17 at 3:47 pm to LSUsmartass
Withholding is based on a chart. All of the overtime caused an increase in Withholding because the payroll software calculates that pay as standard for the whole year. It will work itself out.
Posted on 1/26/17 at 4:16 pm to GenesChin
quote:
If it is only federal income taxes, approximately $290k
Wait, is that right? Is this a weekly check or bi-monthly?
ETA: shite, never mind. I just read the OP. Yeah, it's probably around $275k at least.
This post was edited on 1/26/17 at 4:18 pm
Posted on 1/26/17 at 4:23 pm to LSUsmartass
quote:
No, my wife called me and said her coworker told her that her husband worked so much overtime this week that they took out $1500+ in taxes alone
Did she just feel the need to inform you of that, or does she want you to work more?
Posted on 1/26/17 at 4:33 pm to TheIndulger
I believe the term for the wife's friend is "New Money."
Posted on 1/26/17 at 4:35 pm to LSUsmartass
f you work that many hours and your check for the week is that high, it'll bump your tax bracket up for that check and eat you alive in taxes.
Posted on 1/26/17 at 5:34 pm to TheBoo
To the tune of $1500?
Posted on 1/26/17 at 5:43 pm to LSUsmartass
it is like a bonus, people bitch and say it is taxed at a higher rate, but what is happening is the software the employer is using is thinking that the employee is making that much every week and adjusting with holdings to match, at the end of the year is the only time it matters, you are taxed on total income and it does not matter if it is overtime, regular time or bonus, in this case he is setting up for a potential bigger refund
Posted on 1/26/17 at 6:06 pm to Tigerpaw123
quote:actually, most softwares nowadays take that into account and charge the 25% for bonuses
it is like a bonus, people bitch and say it is taxed at a higher rate, but what is happening is the software the employer is using is thinking that the employee is making that much every week and adjusting with holdings to match,
This post was edited on 1/26/17 at 6:08 pm
Posted on 1/26/17 at 6:25 pm to castorinho
quote:
actually, most softwares nowadays take that into account and charge the 25% for bonuses
What 25%?
This post was edited on 1/26/17 at 6:26 pm
Posted on 1/26/17 at 7:26 pm to Tigerpaw123
Ok, so assuming he was taxed in this higher bracket....best guess, what was his gross income for the week?
Posted on 1/26/17 at 7:32 pm to LSUsmartass
$4500-$5000 if we are just talking about taxes and no other deductions
Posted on 1/26/17 at 7:39 pm to LSUsmartass
quote:
No, my wife called me and said her coworker told her that her husband worked so much overtime this week that they took out $1500+ in taxes alone
She probably means social security, Medicare, federal, and state tax
Posted on 1/26/17 at 7:58 pm to Tigerpaw123
quote:
it is like a bonus, people bitch and say it is taxed at a higher rate, but what is happening is the software the employer is using is thinking that the employee is making that much every week and adjusting with holdings to match, at the end of the year is the only time it matters, you are taxed on total income and it does not matter if it is overtime, regular time or bonus, in this case he is setting up for a potential bigger refund
This is correct. Same thing happened to me teaching when I resigned when I moved. My last check in May was actually May+June+July. It was taxed almost an extra $1,000 due to the increase in tax bracket as mentioned. Got this money back April obviously, but it sucks giving the government a free loan.
Posted on 1/27/17 at 7:00 am to LSUsmartass
Last time I got a 5k bonus, I think I only saw 1/2 of it after taxes and 10% to 401k. I do claim 0
Posted on 1/27/17 at 7:43 am to LSUsmartass
This is quite literally impossible to calculate. We could make some strong assumptions but that's a waste of time.
This post was edited on 1/27/17 at 7:44 am
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