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| *The Commerce Journal>>>Canada Taxes |
Bonus and Overtime pay being over taxed? your opinion? |
Whenever hubby gets OT pay he only gets about half of it, which really sucks because he works so hard for it. So technically if he works an extra 48hrs then for 24-25hrs he works for us and the other 23-24 hrs, he works for the government. They really should be taxing people the same way as their regular pay, the tax on their regular pay is already high enough (I noticed that nobody really ever pays attention to this). What is your opinion? anyone feeling this? More is often withheld for overtime and bonuses, but the actual amount of tax that you pay in the end is the same as if it was all made at straight time. When you file your tax return, if too much was withheld, you'll get the extra refunded to you. He'll have more money in his paycheck if he changes the number of exemptions. Exemptions are not based on the number of dependents. The more taken out now, theoretically, the more he'll get back next year, but also, it's more money that the government holds on to. Talk with your accountant. Overtime is not taxed at a greater rate than regular wages. The withholding may be greater during a period in which there is enough overtime to bounce a person into a higher bracket, but the actual taxes are based on the total amount earned for the year, rather than what earned in any particular pay periods. If withholding is greater than it should be in certain pay periods, there will be a larger tax refund for the year. Your husband should talk to the payroll department of his company to verify that appropriate withholding is being calculated. It may be that that his number of deductions should be corrected or he may discover that working overtime is going to cause him to be in a different tax bracket. |
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