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Started By
Message
How will no tax on OT work? Example
Posted on 5/22/25 at 7:43 am
Posted on 5/22/25 at 7:43 am
Someone is making $50 an hour
And then work 50 hours, 10 hours OT for 75$ an hour ($750)
Are they
A) tax exempt on the whole $750, or
B) they pay taxes on 500$ from $50 hr base,
Then tax exempt on the 250$ from the 25$ rate.
And then work 50 hours, 10 hours OT for 75$ an hour ($750)
Are they
A) tax exempt on the whole $750, or
B) they pay taxes on 500$ from $50 hr base,
Then tax exempt on the 250$ from the 25$ rate.
25
Posted on 5/22/25 at 7:45 am to Cow Drogo
Theyll find a way to eff it up
Posted on 5/22/25 at 7:46 am to Cow Drogo
The money you made at x1.5 or more your normal hourly will not count as taxable income.
Pretty simple.
Pretty simple.
Posted on 5/22/25 at 7:46 am to Cow Drogo
quote:
B) they pay taxes on 500$ from $50 hr base,
Then tax exempt on the 250$ from the 25$ rate.
I think it will work like this. Especially if it's up to the IRS.
This post was edited on 5/22/25 at 7:47 am
Posted on 5/22/25 at 7:46 am to Cow Drogo
What will piss off Reuters the most?
I hope that's the answer.
I hope that's the answer.
Posted on 5/22/25 at 7:48 am to Cow Drogo
quote:
(Sec. 110101) This section establishes a new above-the-line tax deduction, through 2028, for qualified tip income for individuals whose earned income does not exceed a certain amount ($160,000 in 2025 and adjusted annually for inflation).
(Sec. 110102) This section establishes a new above-the-line tax deduction, through 2028, qualified overtime income for individuals whose earned income does not exceed a certain amount ($160,000 in 2025 and adjusted annually for inflation).
I can't believe it's actually called One Big Beautiful Bill Act.
Posted on 5/22/25 at 7:48 am to imjustafatkid
quote:
Especially if it's up to the IRS.
...
Posted on 5/22/25 at 7:48 am to theballguy
quote:
Pretty simple.
To you and I it is that simple but to politicians, it will not be that simple... You can bet on that...
I am a fan of getting rid of all the taxes we can and I will take it a piece at the time but I really wish the R's would focus their efforts on revamping the entire tax code, simplifying it, and gutting the IRS in the process...
Posted on 5/22/25 at 7:49 am to Cow Drogo
Let's say you normally make $20/hour and you work 40 hours. Well, $800 is taxable, so you get to keep around $600 or so. Anything over that, you get to keep. So if you work an extra 10 hours that week, that makes $200. Then this paycheck will be around $800 or so instead of $700 or so.
I wouldn't count on that happening though. Plus, they'd probably still make you pay FICA on your overtime and of course, the state would still get theirs.
I wouldn't count on that happening though. Plus, they'd probably still make you pay FICA on your overtime and of course, the state would still get theirs.
Posted on 5/22/25 at 7:49 am to Jorts R Us
If the IRS gets to decide how to interpret a tax law, it will always interpret it in the way that results in the most revenue being collected.
Posted on 5/22/25 at 7:49 am to The Maj
quote:
To you and I it is that simple but to politicians, it will not be that simple... You can bet on that...
This.
Posted on 5/22/25 at 7:50 am to LemmyLives
nicePosted on 5/22/25 at 7:50 am to imjustafatkid
quote:
If the IRS gets to decide how to interpret a tax law, it will always interpret it in the way that results in the most revenue being collected.
Try again
Posted on 5/22/25 at 7:50 am to theballguy
The company o work for breaks it down all separately this way on stub
In this scenario
It’ would have
50 hours @ 50$ an hour $2500
10 hours @ 1.5 rate 25$ an hour $250
In this scenario
It’ would have
50 hours @ 50$ an hour $2500
10 hours @ 1.5 rate 25$ an hour $250
Posted on 5/22/25 at 7:51 am to Jorts R Us
quote:
Try again
No need. I got it right the first time.
This post was edited on 5/22/25 at 7:51 am
Posted on 5/22/25 at 7:52 am to imjustafatkid
quote:
No need. I git it right the first time.
No. You really didn't. You should a) read the bill and then b) understand who issues treasury regs in the event that their is "room for interpretation"
This post was edited on 5/22/25 at 7:53 am
Posted on 5/22/25 at 7:53 am to Cow Drogo
Don’t worry about it. Just let TurboTax or your accountant figure it out.
Posted on 5/22/25 at 7:53 am to Jorts R Us
quote:
No. You really didn't. You should a) read the bill and then b) understand who issues treasury regs in the event that their is "room for interpretation"
As a CPA, I can tell you that none of this matters in practice. If it is left up to interpretation, whatever results in the most revenue being collected is what the IRS will require. To most people, it isn't worth fighting. The IRS knows this.
Posted on 5/22/25 at 7:55 am to imjustafatkid
quote:
As a CPA, I can tell you that none of this matters in practice. If it is left up to interpretation, whatever results in the most revenue being collected is what the IRS will require. To most people, it isn't worth fighting. The IRS knows this.
Well, CPA. Have you read the bill?
Posted on 5/22/25 at 7:57 am to Jorts R Us
quote:
by Jorts R Us
Have you been alive in the USA and paid attention for the past 50 years?
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