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re: To the Gurus on here...Tell me about the talk of not taxing overtime hours
Posted on 11/8/24 at 7:09 am to FriscoKid
Posted on 11/8/24 at 7:09 am to FriscoKid
quote:
but it won’t be taxed at such a high rate. It will be taxed as normal income
It is taxed as normal income. Making more for that pay period pushes you to a higher tax bracket.
0
Posted on 11/8/24 at 7:12 am to Islandboy777
All income should be taxes equally.
These carve outs are stupid, and immoral.
These carve outs are stupid, and immoral.
Posted on 11/8/24 at 7:13 am to Lsut81
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
You are correct. I had to explain this to my wife when she started getting really good bonuses. I told her, "welcome to the next tax bracket".
Posted on 11/8/24 at 7:24 am to Paddyshack
quote:
Please don’t. I don’t feel like embarrassing him again
Please, I will watch
Posted on 11/8/24 at 7:25 am to WRhodesTider
quote:
The tax burden is on the employee and not the companies
Companies still have to pay half of FICA. So, it would reduce their "tax burden".
Posted on 11/8/24 at 7:26 am to WRhodesTider
quote:
The tax burden is on the employee and not the companies
Companies still have to pay half of FICA. So, it would reduce their "tax burden".
Posted on 11/8/24 at 7:31 am to La Place Mike
quote:
Companies still have to pay half of FICA. So, it would reduce their "tax burden".
Everything I’ve read says this has no bearing on FICA taxes, only federal income tax.
FICA is capped so regardless of straight time or overtime, the company pays the same maximum for any employee.
In the end, this can only benefit the employee. Pretty slick policy move from a tax perspective.
Posted on 11/8/24 at 7:36 am to Islandboy777
quote:
Are they going to be abolished?
If Trump promised it, he'll try to make it happen (as evidenced by the amount of campaign promises he kept in his first term). Whether it really happens or not is going to depend far more on Congress (same with taxes on tips).
Posted on 11/8/24 at 7:38 am to Islandboy777
Not going to happen. Would be awesome though.
Posted on 11/8/24 at 7:40 am to SelaTiger
quote:
SelaTiger
It is happening!
You said the Republicans would have 52 senate seats
Posted on 11/8/24 at 7:45 am to Islandboy777
In other words, it is cheaper for the company to pay you to work overtime than it is for them to pay you to work the first 40 hours. Hopefully, POTUS Trump can announce any time past 8 hours per day must be treated as overtime.
I see 4 twelves in my future with 3 days off!!
I see 4 twelves in my future with 3 days off!!
Posted on 11/8/24 at 7:45 am to Islandboy777
It’s a tax cut for the middle class. Though I don’t get OT, I’m all for not taxing it. It would help the economy, and I’ll benefit from that.
Posted on 11/8/24 at 8:45 am to UncleRuckus
quote:
They will say it’s terrible. 0% chance they say it’s a good thing
I'm sure they will just like they did with privatization of Social Security. If they do then this will be an opportunity to solidify the Republicans as the party of the working class for a long time.
Posted on 11/8/24 at 8:55 am to fjlee90
quote:
In the end, this can only benefit the employee. Pretty slick policy move from a tax perspective.
and truck nut manufacturers, retail stores, strip clubs, bars, wing joints, and local gov'ts.
This "bonus" cash will burn a hole in the plant baws' pocket and will quickly be injected into local economies rather redistributed across the world via the Federal Gov't
This post was edited on 11/8/24 at 12:49 pm
Posted on 11/8/24 at 8:59 am to Timeoday
quote:
In other words, it is cheaper for the company to pay you to work overtime than it is for them to pay you to work the first 40 hours. Hopefully, POTUS Trump can announce any time past 8 hours per day must be treated as overtime.
I would assume that it will likely be after 40 hours. Otherwise the standard work week will become 4-10s and everyone will get a 25% tax cut.
Posted on 11/8/24 at 9:06 am to Timeoday
I get time and a half after working 8 hours a day, good luck with that
Posted on 11/8/24 at 9:14 am to armytiger96
quote:
This "bonus" cash will burn a hole in the plant baws pocket and will quickly be injected into local economies rather redistributed across the world via the Federal Gov't
Probably. But those strippers will be able to pay for med school, so there’s that.
Posted on 11/8/24 at 10:17 am to Islandboy777
Are we talking income tax or FICA/Medicare. The latter seems doable, but income would be easily manipulated at the employer level, even though having little benefit to the employer.
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