No taxes on OT!!!! To good to be true!

[sapper83]

Yeah. That's why my 401k contribution rate on my bonus is 100%.

I always try to file exempt with a w4 for my bonus check since they throw it on a regular paycheck, but they played games the two years saying they were out of the office or it didn't make it in time when it is freaking electronic! I never thought to go 100% 401k but I do roth anyway.

 

[ironjaw77]

Taxation is theft.
End the fed.
Disband all 3 letter .gov entities.

 

[sapper83]

I understand, nothing wrong with that!!
The years I worked for Otis on the road, I averaged 25 to 2600 hrs a year.
We earned a pension credit with each 1,700 hours worked.

Just imagine if all those hours were tax free!

Yeah im burnt out but manage to keep cranking out hours. My body is starting to fall apart at a young 41. Time to slow down. I'm already set for retirement if the system doesn't belly up, just waiting for 55!

 

[foszoe]

I always try to file exempt with a w4 for my bonus check since they throw it on a regular paycheck, but they played games the two years saying they were out of the office or it didn't make it in time when it is freaking electronic! I never thought to go 100% 401k but I do roth anyway.

The nice thing about the 100% is it gets a nice chunk in there early in the year. Then I can pare down the % on the rest of my checks and take home more money through out the year.

I kinda think about it like trying to make sure my tax refund at the end of the year is near 0 so my take home pay is maximized.

 

[DoggyDaddy]

Taxation is theft.
End the fed.
Disband all 3 letter .gov entities.

While I get the sentiment, the reality is without taxes, you'd soon be driving on dirt roads or worse. Hell, look how bad the roads are with taxes. And that's only one expense. You gonna build your own nuclear arsenal to defend against Russia, China, et al? Nice sentiment, but it's never gonna happen.

 

[OutdoorDad]

I will concede that if the law is changed removing tax obligations from overtime pay, it is not a benefit by the strict letter of the law. But the law itself is then inequitable. To me the benefit is someone earning say $100,000 including overtime will pay less in taxes than someone making the same amount with a 40 hour work week.

As implied above (post #16?), if it is a benefit to reduce taxes on OT, why not for all? Why should folks who have the opportunity to vastly increase their pay for additional labor deserve this special carve out?

it would be neither fair nor equitable.

but this idea of "welfare" you have... Trump's tax cut for the top 1% is welfare? Ronnie's tax overhaul was welfare?

 

[OutdoorDad]

FIFY... Working more hours =/= "working harder" necessarily.

fact

 

[DoggyDaddy]

I'm salaried, but can get "OT", which amounts to roughly an additional 37 cents per hour, but they strongly discourage it in favor of "comp time" (which is just straight time). I'm not sure what my tax obligation would be for that extra 37 cents, but I'm pretty sure I wouldn't notice it.

 

[sapper83]

it would be neither fair nor equitable.

but this idea of "welfare" you have... Trump's tax cut for the top 1% is welfare? Ronnie's tax overhaul was welfare?

Man everyone loved regan but i honest think he was the start of selling our the souls of the working class. His policies killed the american manufacturering industry polished off by Clinton! I just detailed my own thread!

 

[ironjaw77]

While I get the sentiment, the reality is without taxes, you'd soon be driving on dirt roads or worse. Hell, look how bad the roads are with taxes. And that's only one expense. You gonna build your own nuclear arsenal to defend against Russia, China, et al? Nice sentiment, but it's never gonna happen.

As far as the "but muh roads" argument.....

The sentiment is this......hang all incumbent politicians, (local, state, and federal) Start completely from scratch. Set term limits. Simplify tax code. Make these elected officials actually work for their job.

I understand taxes are necessary for military and defense. But there isn't a soul that can honestly say that these jokers (politicians) are handling our tax dollars with the utmost value. If they aren't doing their job, fire them.....or hang em.

 

[ditcherman]

While I get the sentiment, the reality is without taxes, you'd soon be driving on dirt roads or worse. Hell, look how bad the roads are with taxes. And that's only one expense. You gonna build your own nuclear arsenal to defend against Russia, China, et al? Nice sentiment, but it's never gonna happen.

Ain't nothin wrong with dirt roads!!

I like BigReds new friend!

 

[DoggyDaddy]

As far as the "but muh roads" argument.....

The sentiment is this......hang all incumbent politicians, (local, state, and federal) Start completely from scratch. Set term limits. Simplify tax code. Make these elected officials actually work for their job.

I understand taxes are necessary for military and defense. But there isn't a soul that can honestly say that these jokers (politicians) are handling our tax dollars with the utmost value. If they aren't doing their job, fire them.....or hang em.

Oh I would agree with getting rid of the current bunch of crooks that are running things now.

 

[DoggyDaddy]

Ain't nothin wrong with dirt roads!!

I like BigReds new friend!

Point is, again, while I can agree with the sentiment, the reality is that it's all just a pipedream. Best we can hope for is to try to make the **** sandwich a little less ******.

 

[Ingomike]

While I get the sentiment, the reality is without taxes, you'd soon be driving on dirt roads or worse.

Without taxes to pay for eminent domain would there even be public roads?

 

[OutdoorDad]

Man everyone loved regan but i honest think he was the start of selling our the souls of the working class. His policies killed the american manufacturering industry polished off by Clinton! I just detailed my own thread!

He was charismatic. But yes, he wasn't great for the American economy or taxpayer.
The Laffer Curve, which was used to support "trickle down" economics was his biggest affront to the American middle class.
Except maybe for the taxation of Social Security benefits.

 

[sapper83]

As far as the "but muh roads" argument.....

The sentiment is this......hang all incumbent politicians, (local, state, and federal) Start completely from scratch. Set term limits. Simplify tax code. Make these elected officials actually work for their job.

I understand taxes are necessary for military and defense. But there isn't a soul that can honestly say that these jokers (politicians) are handling our tax dollars with the utmost value. If they aren't doing their job, fire them.....or hang em.

You forgot age limits!!!! Noone older then ss age!!! Lol, but great start on boxes to check!!!

 

[2tonic]

Do you think that will stay the same if that passed?

Yeah, I'm an OTR truck driver.


Unless they're going to move the cities closer to one another.


Plus, what would it matter to my employer whether I pay taxes on a portion of my wages?

 

[DoggyDaddy]

Plus, what would it matter to my employer whether I pay taxes on a portion of my wages?

Because your employer matches those taxes through their payroll taxes.

 

[2tonic]

I am broadly defining welfare as a monetary benefit to one or some. So yes, something like a child tax credit is also welfare. I get paid based on my production. If I choose to work 60 hours a week, which I have for the last two months, I make more money. But since i am not an hourly employee I would get no benefit. What is the difference?

This is also based on the premise that if the Gov gets less from one segment, they will take more from another. Tax is a liability or a debt owed. To me economically "forgiving" inc. taxes on OT pay is similar to forgiving student loan debt. Under current law, both are obligations, whether you agree with them or not.

BTW I am a single male with no dependents who owns a small business. Taxes and costs from government regs & mandates are huge sore spots.

Hush.....you're harshing my buzz.

 

[henry0reilly]

Serious question out of my own ignorance. I've never worked for a company that provided health insurance. Does the employee pay income tax on the amount the company pays for them?

I get two different "income" boxes on my W-2. One shows the actual amount I earned for income purposes, the other shows how much total income and benefits I got for social security/medicare purposes. It seems to be just an accounting thing and not additional tax.