When is working overtime not worth it(financially)?

[the People's Champ]

there comes a point when working too much overtime isn't worth it. I don't mind working a lot, and I am only doing it to pay off some bills a little quicker, but when is too much? obviously, you got taxed up the yin yang but would this have any kind of affect to where I would be owing a shit load of money for the following year?

 

[the People's Champ]

I am not worried about the physical aspect of it, I only work when I am up to it. I am more concerned about the financial part of it.

 

[the People's Champ]

as far as gross income? what are the tab brackets set at? could you kick down with a little more info on that?

 

[flex123]

lol...he meant Tax Bracket I'm sure. go check it out on the net.

 

[Baby Gorilla]

Taxes....

If your employer takes out the taxes, I'd think you don't have to worry that much about it. If you work it when you want to, I doubt it's that much of an income boost overall.

Self-employed is another matter as you have to adjust how much in taxes to set aside throughout the year.

 

[rsnoble]

I never work overtime. When im working anyways. Why? Because it never fails when I do something happens: car breaks, fridge blows up, crack pipe breaks, etc. and I have to end up spending the extra money on it. It got to the point I expected disaster to soon follow so fuck it.

 

[Toozee]

If you claim "0" it really shouldnt matter as long as your not sef-employed. You will probably still get some back at the end of the year too I believe.

You can also find tax calculators online that will figure up what you will owe in relation to what you make that year, and how much to have taken out to make sure you reach that #.

Sorry I dont have a link

 

[rnch]

i have one of the few government civil service positions that "allow" you to work overtime........"encourage" might be a better word, "force" is an even better one.........

unlike many of my co-workers, i look at both the gross and net (take home, after taxes) numbers on my varying paycheck.

after about 34 hours of overtime per pay period (2 weeks), i pay most of the overtime back in taxes.

so, for me, the cut off point is 34 hours per pay period.

 

[MattTheSkywalker]

It is no longer worth it when the time could be spent better elsewhere.

 

[grlpwrd]

Yes, besides taxes there are other consequences like what Matt posted It is no longer worth it when the time could be spent better elsewhere.

There's more to life than $$$. I work part-time, but my hubby works from 7am to 8pm almost every day doing a job he loves. Yes, he makes good $$$ and he's happy, but he doesn't have much free time. Of course, the biggest consequence is not enough couple time....I miss him.

 

[the People's Champ]

If you claim "0" it really shouldnt matter as long as your not sef-employed. You will probably still get some back at the end of the year too I believe.

I am not employed, but I claim "1". I want to win in the long run financially, should I change my exemptions to "0"?

 

[DcupSheepNipples]

so, for me, the cut off point is 34 hours per pay period.

WTF? What planet do you live on! You must be an alien!

 

[vinylgroover]

It's too much when it interferes with your leisure time.

 

[big4life]

Tax wise, for me it is around 12-16 hours. After that I end up taking home less than I would at regular time.


But I avoid OT at all costs. I can always find something else I would rather be doing.

 

[supersizeme]

I am not employed, but I claim "1". I want to win in the long run financially, should I change my exemptions to "0"?

You still end up paying the same amount of taxes whether you claim 0 or 1. If you claim 0, you'll get more taken out of your paycheck each month, but you'll get a nice chunk of change back every year at tax time. If you take 1, you'll get a bigger paycheck, but won't get as much back at tax time and run the risk of having to pay. I've got friends who are married and take two exemptions. They take a beating each year at tax time. I think it's better to adjust to the smaller paycheck that comes with 0 exemptions, and every year you essentially get a nice bonus check(granted it's your money to begin with) back from the government.

 

[Raina]

There is always a push to work OT at work and they make me feel guilty for not wanting to. I'll work a lot of overtime when I deem it completely critical, but when I work too much OT I get to be an incredibly emotional bitch. It's not worth it to be all pissy and worn down. I can certainly use the cast but if the cost is my happiness, fuck it.

 

[KA-BAR]

Took the words out of my mouth. When I used to work at the steel plant I made $14 hr but after I worked something like 18-20hours over friend of mine did the math and we where making about $5 hour! Fuck uncle sam.

It's too much if it puts you into the next tab bracket.

 

[jwill3:16]

Hey O.T. pays for my added fun on Vac time..

 

[atlantabiolab]

The idea of overtime vs. personal time is based on personal desire and choice. Overtime taxation penalties (income taxation) are enforced against the will of the person and against the right to ownership of private property and liberty.

The joys of income taxation.