I usually opt to work more during the holiday season because we get higher wages (holiday pay). I signed up for a lot of extra days and my co-workers keep telling me that because I’ll make more money, I’ll get taxed more. So I’ll be receiving less pay than I’d usually make without the overtime. Is that right? I feel stupid right now.
In: Mathematics
no it’s not true. you do get taxed higher the more you make but it’s not taxed so much more that you’ll make less than non overtime/holiday pay. you might have more taxes withheld with holiday pay/over time pay etc. but when you do your taxes, you’ll get that back.
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