Tax Brackets & Second Jobs
In attempt to increase my income due to a number of upcoming expenses, I decided to pick up some extra hours at my part-time job, to supplement the full-time job. However, with my full-time salary, I'm about $2,000 below the cutoff for my tax bracket... and I'm thinking that the part-time job is likely to push me JUST over the cutoff. How do I determine whether or not it's worth it? Would I end up losing all of the part-time income to the higher tax bracket? Is it possible that I might even end up with LESS take-home pay (i.e. the additional taxes eat up all of my "extra" pay and some of my regular pay)? I'm just not sure exactly how to crunch the numbers. I'm looking at working 7 days/week, so I'd like to know that if I'm busting my ass, it's not going to WORSEN my financial situation. (If it makes a difference, I'm only near the cutoff on the federal level -- it won't matter at all for state.) Thanks in advance..