Peegee

10-23-2008, 04:58 PM

..because I am confused.

Facts:

- First 44 hours of the week are regular wage rate

- Anything more is 1.5x wage

Cool? Cool.

To figure out my tax rate, I take what my employer pays me divided by my gross pay

So:

(1 - What I got paid / wage x 40) x 100 = tax rate

Let's presume I get paid 10$ an hour (I don't):

On a normal week I get paid "324.92$" (adjusted for hypothetical wage)

tax rate = (1 - 324.92 / 400) x 100 = 18.77%

Last week I worked 8 + 8 + 11 + 11 + 11 = 49 hours, so 5 hours OT

gross pay = (44 + 7.5[5*1.5]) * 10 [wage] = 51.5 * 10 = 515 $

however I got paid "485.56$" this week (pay adjusted for change in wage in hypothetical)

making tax rate = (1 - 485.56 / 515 ) x 100 = 5.7 %

Did I do a math whoopsie?

Facts:

- First 44 hours of the week are regular wage rate

- Anything more is 1.5x wage

Cool? Cool.

To figure out my tax rate, I take what my employer pays me divided by my gross pay

So:

(1 - What I got paid / wage x 40) x 100 = tax rate

Let's presume I get paid 10$ an hour (I don't):

On a normal week I get paid "324.92$" (adjusted for hypothetical wage)

tax rate = (1 - 324.92 / 400) x 100 = 18.77%

Last week I worked 8 + 8 + 11 + 11 + 11 = 49 hours, so 5 hours OT

gross pay = (44 + 7.5[5*1.5]) * 10 [wage] = 51.5 * 10 = 515 $

however I got paid "485.56$" this week (pay adjusted for change in wage in hypothetical)

making tax rate = (1 - 485.56 / 515 ) x 100 = 5.7 %

Did I do a math whoopsie?