Home based business opportunities
Part Time Income
Single filing zero, considering working part time for additional income?
Currently I am in the 25-30% tax rate. I can easily find a part time job that would net me another 30K. Should I hold just give up 30% of the additional income or even more because this additional income will push me into a new bracket or is there something I can do to keep more of the money I work for. Will I be working for the Government? At what point is it a waste of time?
This will be a second job, so transportation from the first job to the second job will be deductible. If the part-time job is as an independent contractor, you can deduct job-related expenses directly against that income, instead of on Schedule A subject to 2% of AGI.
Another consideration is that if you already have earnings of at least $97,500, then the additional income from the part-time job will not be subject to 6.2% Social Security Tax.
Your additional income may make it easier for you to max out on your 401k at work, further decreasing your overall taxes.
Whether you choose to take on another job is a matter of how much you would like the extra income and your energy level.
www.speakasiaonline.com | Part time jobs | Online Survey Companies | Online Jobs
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