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It is natural for workers to assume that their extra hours push them into a higher bracket which results in an overtime tax rate that reduces the earnings. In reality, the overtime pay is taxed the same as regular wages.
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At the federal level, no law currently exempts overtime from taxation. However, it should be recognized that legislative discussions on an overtime tax exemption continue in several states.
The main point is that no special overtime tax exists. However, it should be noted that the additional amount of income may temporarily increase withholdings or impact qualification for specific deductions. Discussions on an overtime tax exemption are continuing. Yet, there is no result at the moment that can impact individual taxation liabilities. Dimov NYC CPA presents expertise on individual taxation.
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“I've been working with Dimov CPA for both personal and business taxes. Their attention to detail and knowledge of tax law has saved me thousands. Highly recommend to anyone looking for a reliable CPA in NYC.”
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