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Started By
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To the Gurus on here...Tell me about the talk of not taxing overtime hours
Posted on 11/7/24 at 11:01 pm
Posted on 11/7/24 at 11:01 pm
Are they going to be abolished? These shutdown hours are killing me on my paycheck. What are the chances it is really gonna happen? 
15
Posted on 11/7/24 at 11:04 pm to Islandboy777
In
Posted on 11/7/24 at 11:06 pm to Islandboy777
Guru?
Somebody call that “ awwwkuwally”guy that has all the charts and graphs and 3 million posts.
Somebody call that “ awwwkuwally”guy that has all the charts and graphs and 3 million posts.
Posted on 11/7/24 at 11:08 pm to Lsupimp
quote:
Somebody call that “ awwwkuwally”guy that has all the charts and graphs and 3 million posts.
Please don’t. I don’t feel like embarrassing him again
This post was edited on 11/7/24 at 11:10 pm
Posted on 11/7/24 at 11:14 pm to Islandboy777
quote:
Tell me about the talk of not taxing overtime hours
Very curious too. Would absolutely love for this to happen, but what are the realistic chances?
Posted on 11/7/24 at 11:23 pm to Islandboy777
Companies discourage OT because they have to pay more for it currently. That will soon change. Companies will have a lesser tax burden once taxing OT is off the table, so they will be more willing to extend OT.
Take every opportunity to capitalize on this once Good Orange Man gets this through Congress.
Take every opportunity to capitalize on this once Good Orange Man gets this through Congress.
This post was edited on 11/7/24 at 11:27 pm
Posted on 11/7/24 at 11:24 pm to Islandboy777
It will be an incredible political play if it goes forward. The dims have to go along b/c otherwise they will be seen as fighting against the working class. If it passes the Republicans will be known for giving the working class families the most incredible tax cut ever.
Posted on 11/7/24 at 11:26 pm to ZZTIGERS
I don’t see it happening. I hope like heck it does, but realistically, I don’t see these type of taxes going away. It’s a lot better than giving first time home buyers 25k and pushing inflation.
Posted on 11/8/24 at 4:41 am to AcadieAnne
quote:
Companies discourage OT because they have to pay more for it currently. That will soon change. Companies will have a lesser tax burden once taxing OT is off the table, so they will be more willing to extend OT.
The tax burden is on the employee and not the companies. Companies don't like OT since it increases expenses.
Posted on 11/8/24 at 5:36 am to armytiger96
quote:
The dims have to go along b/c otherwise they will be seen as fighting against the working class
They will say it’s terrible. 0% chance they say it’s a good thing
Posted on 11/8/24 at 5:44 am to Islandboy777
I believe OT will still be taxed, but it won’t be taxed at such a high rate. It will be taxed as normal income. Now they need to work on commission and bonuses..
Posted on 11/8/24 at 5:48 am to FriscoKid
quote:
Now they need to work on commission and bonuses..
Someone correct me if I'm wrong, but you arne't charged a higher tax on either of these. Yes, at issuance more is withheld due to the possibility of your EOY effective rate being higher, so its offsetting, but as far as at the end of year, it all settles out
Whatever your EOY effective rate is is what you pay.
And you can always make yourself exempt at payout and just owe the taxes at year end.
Posted on 11/8/24 at 5:56 am to Islandboy777
Most people spend whatever extra money that they have, and people spending money is a really good thing for the economy.
Posted on 11/8/24 at 6:21 am to Beessnax
Yeah you right
Posted on 11/8/24 at 6:48 am to Islandboy777
Lots to tackle on the tax front. Extending sunsetting provisions, potential corporate tax rate reduction. They might make good on the campaign proposal on overtime pay but there's a host of other items that will take priority.
Posted on 11/8/24 at 6:54 am to Islandboy777
If that revenue is lost, where will it be made up? Shouldn’t we be doing everything possible to reduce deficit, then reverse debt?
Why keep piling on, accelerating toward the collapse?
Why keep piling on, accelerating toward the collapse?
Posted on 11/8/24 at 6:55 am to Jorts R Us
I’ll work 6-7 days a week.
Posted on 11/8/24 at 6:58 am to ZZTIGERS
quote:
but what are the realistic chances?
0.0000012%. And that's being generous.
Posted on 11/8/24 at 6:59 am to OccamsStubble
quote:Ever heard of this guy named Elon?
If that revenue is lost, where will it be made up? Shouldn’t we be doing everything possible to reduce deficit, then reverse debt?
Why keep piling on, accelerating toward the collapse?
Do you know what DOGE is an acronym for?
Posted on 11/8/24 at 7:06 am to FriscoKid
quote:
It will be taxed as normal income.
Wut? Wages are taxed as ordinary income at ordinary income tax rates.
The reason for the overwithholding on bonuses is to prevent people from underpaying their taxes.
It is much easier to give you your money back than to go chase you down later when you file.
There is no difference in the taxation of bonus, salary, OT but merely the tax withholding.
Learn the difference.
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