Lots of O/T!!

IBratmanI

IBratmanI

Subaru Ambassador- AdidaSubarus
So I just got home from my 3rd 17 hour shift in the last 3 days. I have worked over 80 hours this week, and 51 of it is overtime!! And I have to go back out for another one tomorrow, and probably the next day. That huge wind and rain storm absolutely destroyed the coast!! Trees are down on the power lines everywhere, and there are broken lines everywhere. It's been years since I have seen winds THAT strong! We were right out in it Thursday night, it was crazy! We have been non stop the last 3 days removing them from the lines. I love the O/T but damn I'm exhausted!!!!!! I'm headed to bed, the 17 hours on, and 7 hours off rotation is killer!!!

 
careful man. . .i dont know how it is up there, but here in mass, you work too much overtime, and you start losing money. they tax the shti outta me if work over 60 hrs or so a week.

fwiw.

 
Yeah it's not as bad here, but it still hurts a little. I'm married with a kid so I don't have a lot taken out anyway. And besides, I have no choice, when it comes to storm work, I have to go out and work, Central Maine Power is in System emergency so we HAVE to be out there working with them, it's kind of a job requirement.

 
60 hours is about the breaking point. but you can always change to 9 dependents and get almost nothing taken out and take home almost all of that huge check instead!!! don't forget to change it back though or else you will end up paying in quite a bit lol

 
careful man. . .i dont know how it is up there, but here in mass, you work too much overtime, and you start losing money. they tax the shti outta me if work over 60 hrs or so a week. fwiw.
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This^^^

I'm married but no kids, so when it comes down to it the wife and I have to pay a TON of taxes. We both claim single with "0" dependents (as to have the most taken out) and I still got stuck paying $500 to the state this year. My threshold is basically trying to keep it at only one 24hr shift of overtime on a weekly paycheck. If I work another one in the same check, I'm just working it to pay taxes, because they just about take it ALL.

 
Huh, I had an extreme lack of OT this year. I am single, I file 0 all year then 1 at tax time. I got back all the taxes I paid on my WRX last year so I made out like a bandit. Got back $3800 federal and $1600 from state. Needless to say I paid off all debt I had except for the car, then bought a bunch of goodies and am in the process of fixing my old car as a spare. I am still hoping to have enough left over for in dash navi, short shifter, spt boost gauge and blue footwell lighting.

 
Yeah, I was like, HOLY FLYING ******* I GET THAT MUCH BACK. I Was hoping for 1/2 that much. Sorry, I probably shouldn't have said anything, I was just really excited. I was in the hole most of last year, lol

 
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What's money? That stuff I barely have enough of to eat on a daily basis? oh right...

 
dam this state rapes you in taxes from every angel. that's what happens when people keep voting in liberals to office. makes no sense they vote for the dems then complain the taxes are high??

 
Huh, I had an extreme lack of OT this year. I am single, I file 0 all year then 1 at tax time. I got back all the taxes I paid on my WRX last year so I made out like a bandit. Got back $3800 federal and $1600 from state. Needless to say I paid off all debt I had except for the car, then bought a bunch of goodies and am in the process of fixing my old car as a spare. I am still hoping to have enough left over for in dash navi, short shifter, spt boost gauge and blue footwell lighting.
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Its all about tax bracket my friend. When it comes down to it at the end of the year, (based on what you made adjusted gross) you were required to pay in much less then you actually did. Therefore a return is coming your way. The less you make, the less they require you to pay in.

You got lucky to fall into that tax program with the purchase of your car. I never get lucky like that. Honestly its a good thing I have a big mortgage payment (house interest is deductable), or things would be even worse for me.

 
Paying thousands in student loans also helped out...much like Nate's mortgage. We recieved a lot back on our student loan interest paid.

 
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Paying thousands in student loans also helped out...much like Nate's morgage. We recieved a lot back on out student loan interest paid.
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yeah same here have 6 digit loans that deducting the interest helps a lot mortgage and 2 kids all help a ton!!

 
Yes, I miss the days of being a student. I'm basically paid off on my student loans. I think I paid a whopping $38 this year in interest. Haha.

 
When its all said and done, To get a HUGE return is actually not what you want to be doing anyway. I basically for all intents and purposes broke even. (pay $500 to the state, but got a return of $1,000 fed) I will not be adjusting my withholdings at all.

For those of you claiming zero all year so that you get a huge return: all you are doing is allowing the government to use your money to make money. Believe me they are taking you money and making money hands over fist. What it mean is: if you are receiving a regular return of $3800 fed, then you are paying out ~$70 a week too much in taxes. that's $70 a week on your take home check that you don't have the use of. that's not smart money handling. If you are the type that Likes a once a year "bonus" then force yourself to save your own money and not touch it, but don't let the government have it for a year. In your own savings account you are making money (I know not much, dividends are low on savings accounts but its something).

Or better yet lets think of all the debt you might not have gotten yourself into had you had $70 more a week. With $70 more a week in any good budget, that's ~$280/month that you could have bought necessities and not had to rack up a credit card that you paid high interest on. So not only are you losing the ability have money on your check, you are letting the government make money with your hard earned cash, while you rack up credit cards. All just so you can get it all back once a year to pay off credit cards....

Cliffnotes: The government is not looking out for you.

 
When its all said and done, To get a HUGE return is actually not what you want to be doing anyway. I basically for all intents and purposes broke even. (pay $500 to the state, but got a return of $1,000 fed) I will not be adjusting my withholdings at all.
For those of you claiming zero all year so that you get a huge return: all you are doing is allowing the government to use your money to make money. Believe me they are taking you money and making money hands over fist. What it mean is: if you are receiving a regular return of $3800 fed, then you are paying out ~$70 a week too much in taxes. that's $70 a week on your take home check that you don't have the use of. that's not smart money handling. If you are the type that Likes a once a year "bonus" then force yourself to save your own money and not touch it, but don't let the government have it for a year. In your own savings account you are making money (I know not much, dividends are low on savings accounts but its something).

Or better yet lets think of all the debt you might not have gotten yourself into had you had $70 more a week. With $70 more a week in any good budget, that's ~$280/month that you could have bought necessities and not had to rack up a credit card that you paid high interest on. So not only are you losing the ability have money on your check, you are letting the government make money with your hard earned cash, while you rack up credit cards. All just so you can get it all back once a year to pay off credit cards....

Cliffnotes: The government is not looking out for you.
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This is the troof. Take it from a student who barely touches his own tax reports (me, not wrxNate
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