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OverTime or Part Time job?

Discussion in 'Off-Topic Discussion' started by WinterS0ldier, Oct 24, 2019.

  1. Oct 24, 2019 at 7:32 PM
    #1
    WinterS0ldier

    WinterS0ldier [OP] Well-Known Member

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    Hey what's up guys! Again seeking advice, pretty simple i can do as much OT as i want but well Taxes are killing me, i claim 0, Single, 33 No kids, my goal is to buy a house, i am working 50h/w on my main job and i a looking for a 20h/w part time, what's my best option taxes wise? Puting 60h/w on my main job or getting the part time? Taxes in this country are a little bit complicated..
     
    12TRDTacoma likes this.
  2. Oct 24, 2019 at 7:38 PM
    #2
    crazysccrmd

    crazysccrmd Well-Known Member

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    From my understanding you’ll end up paying the same amount of tax either way since it is based on total income. If you can work 60hrs and make the same amount of money as you would working 70hrs it seems like a no brainer unless you really want a different job.
     
  3. Oct 24, 2019 at 7:58 PM
    #3
    WinterS0ldier

    WinterS0ldier [OP] Well-Known Member

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    Sir, that make sense.. at thw end they will tax the sh!t out of me no matter how many different jobs i have
     
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  4. Oct 24, 2019 at 8:05 PM
    #4
    HawkShot99

    HawkShot99 Well-Known Member

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    You dont get taxed based on the # of jobs, but on the amount you make. I'm guessing you will make way more money per hr working overtime then a part time job. Part time jobs dont pay super great usually.
     
    WinterS0ldier[OP] likes this.
  5. Oct 24, 2019 at 8:06 PM
    #5
    Bishop84

    Bishop84 Well-Known Member

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    Not owning money or high insurance on a new vehicle helped me the most.
     
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  6. Oct 24, 2019 at 8:06 PM
    #6
    axisofoil

    axisofoil Rocket Surgeon

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    OT on the 1st job.
     
    WinterS0ldier[OP] likes this.
  7. Oct 24, 2019 at 8:10 PM
    #7
    GrittyTaco

    GrittyTaco Well-Known Member

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  8. Oct 24, 2019 at 8:29 PM
    #8
    WinterS0ldier

    WinterS0ldier [OP] Well-Known Member

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    11$/h part time plus i have to drive 10miles, i work from home in my main job, so i won't be spending money o gas or putting miles on the truck, for some reason i thought that they wont take as much money from my part time job paycheck.. i move here just 3 years ago so learning a new tax system is not the most easy task.. i claim 0 and my tax refund from last year was bitter.. i mean it would be nice too see a few bucks back from the IRS..
     
  9. Oct 24, 2019 at 8:34 PM
    #9
    Thunder Fist

    Thunder Fist Well-Known Member

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    Like, so many.
    Bro, I’m self employed. I NEVER see money back. Here’s what gets me though: if you pay too much in, they send you the overpayment back (refund), but they never repay with interest. So you’ve given the government an interest free loan. I’m not about that life.
     
  10. Oct 24, 2019 at 8:36 PM
    #10
    20tacoma17

    20tacoma17 Well-Known Member

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    They will take out less on that paycheck but your end of year taxes are based on total yearly income so you will pay for it either way. Once you buy a house you will be able to write off the interest which helps a lot for the first 7-10yrs.
     
    WinterS0ldier[OP] likes this.
  11. Oct 24, 2019 at 8:57 PM
    #11
    WinterS0ldier

    WinterS0ldier [OP] Well-Known Member

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    Thar's harsg man, i saw a few hundreds and i am complaining, my bad, at this point it is what it is, i will do the OT at my main job, i never went over 10h a week, i will work 60h next one and see how that goes..

    I am far away from my goal sir, is going to take a while until i can save 20% for a down payment, but thank you for the tip.
     
  12. Oct 24, 2019 at 9:00 PM
    #12
    Shadowscoutt

    Shadowscoutt Member

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    Probably OT on the 1st job.

    At first I read "33 kids" and I was like J E S U S :rofl:
     
  13. Oct 24, 2019 at 9:13 PM
    #13
    20tacoma17

    20tacoma17 Well-Known Member

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    Well I was in the same boat at 31 when I bought my land/home. Nothing wrong with working a lot of OT as long as you still have time for yourself and enjoy life. My home and Taco will both be paid off in 4yrs. House 10yrs early and other 3 vehicles are paid for so I wont have big payments when I retire.

    However I'm still single and no kids. I personally dont recommend doing that part. :hattip:
     
  14. Oct 24, 2019 at 9:22 PM
    #14
    WinterS0ldier

    WinterS0ldier [OP] Well-Known Member

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    That's insane.. i won't even remembee their names.. well grampa had 11, but back them they didn't have pretty much anything else to do haha..

    Well right noe i am just focused on making the bucks, i work everyday, but if everything goes well it will be just for 2020 and that's it.. same here, Taco will be paid in 4 years and well working on the housing? About the kids and the wife i don't know buddy.. i don't think that i have that chip..
     
  15. Oct 24, 2019 at 9:24 PM
    #15
    GrandiOdyssey

    GrandiOdyssey Well-Known Member

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    Focus on investments and/ or starting a side business in order to increase your income while minimizing your tax liability.
     
  16. Oct 24, 2019 at 9:28 PM
    #16
    Cudgel

    Cudgel “Tonka”

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    All named “Dave” I believe...
     
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  17. Oct 24, 2019 at 9:29 PM
    #17
    WinterS0ldier

    WinterS0ldier [OP] Well-Known Member

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    Any invesment advice? I am doing something in bewtween saving/investment, i buy bitcoins and a few other criptoa on a montly basics.
     
  18. Oct 24, 2019 at 9:34 PM
    #18
    GrandiOdyssey

    GrandiOdyssey Well-Known Member

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    Here are some good books to read to get you started on the subject on the subject:
    Snowball (warren buffet)
    The Intelligent Investor
    You can be a stock market genius
    The acquirer’s multiple
    Skin in the game
    One Up on Wall Street
    More money than god
    Am I being too subtle?
    The Outsiders
    Art of investing
    Common stocks and uncommon profits
    Reminiscences of a Stock Operator
    New market wizards (several editions)
    Hot commodities
    Investment Biker
    Adventure Capitalist
    A man for all markets
    Street smarts
    The education of value investor
    The Dhandho Investor: The Low-Risk Value Method to High Returns

    If you are more of a visual learner here is a great finance intro video:
    https://www.youtube.com/watch?v=WEDIj9JBTC8&t=3s&frags=pl%2Cwn

    Also here are some podcasts that I would recommend on the subject:
    The Investors Podcast
    Modern Value Investing
    Focused Compounding
    For Your Innovation
    China Tech Investor
    China Tech Talk
    Recode Decode
    The Knowledge Project
    Capital Allocators
    Invest Like the Best
     
  19. Oct 25, 2019 at 10:34 AM
    #19
    ArmandHammer83

    ArmandHammer83 This truck is AMAZING

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    hey man read all the responses so far...where do you live? maybe instead of trying to buy a house first, find 1-2 acres of land and start with getting water ran and power...go from there...a $5,000 piece of property will only increase with more work done to it and the property tax is easy to keep up with...just an idea....
     
  20. Oct 29, 2019 at 6:41 PM
    #20
    WinterS0ldier

    WinterS0ldier [OP] Well-Known Member

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    I live in Minnesota, that's actually a really good idea sir, thank you.
     

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