SO, you're contemplating finding a second job where you get paid hourly. Here are some average numbers that you should consider before going that direction.
Let's say you can find an opportunity to earn $20/hour and work four extra hours each day. That is $80 per day or $400 weekly. For a full year that works out to $20,800. That really sounds good. Maybe you can pay off some credit card debt, pay off a student loan, make some needed repairs around the house, or any number of other ways to use it.
But, wait! Before you put all that money in the bank, there are costs related to this extra income source. First of all, the extra income may put you in a higher tax bracket. At the very least you will probably pay 25% of that extra earnings in federal tax. Plus, you will also have to pay 7.65% FICA tax on that income. That alone will reduce your earnings by $6,800. Now you're only getting $14,000. According to recent studies in the US, the daily expenses incurred by someone working a second job (food, clothing, fuel, parking, etc), averages around $60 per day...not including childcare. That works out to $15,600! WELL, that means you are now paying to work this second job!
NOW WHAT? What alternative do you have?
Comment below "HELP" to learn what I've found.
Let's say you can find an opportunity to earn $20/hour and work four extra hours each day. That is $80 per day or $400 weekly. For a full year that works out to $20,800. That really sounds good. Maybe you can pay off some credit card debt, pay off a student loan, make some needed repairs around the house, or any number of other ways to use it.
But, wait! Before you put all that money in the bank, there are costs related to this extra income source. First of all, the extra income may put you in a higher tax bracket. At the very least you will probably pay 25% of that extra earnings in federal tax. Plus, you will also have to pay 7.65% FICA tax on that income. That alone will reduce your earnings by $6,800. Now you're only getting $14,000. According to recent studies in the US, the daily expenses incurred by someone working a second job (food, clothing, fuel, parking, etc), averages around $60 per day...not including childcare. That works out to $15,600! WELL, that means you are now paying to work this second job!
NOW WHAT? What alternative do you have?
Comment below "HELP" to learn what I've found.
SO, you're contemplating finding a second job where you get paid hourly. Here are some average numbers that you should consider before going that direction.
Let's say you can find an opportunity to earn $20/hour and work four extra hours each day. That is $80 per day or $400 weekly. For a full year that works out to $20,800. That really sounds good. Maybe you can pay off some credit card debt, pay off a student loan, make some needed repairs around the house, or any number of other ways to use it.
But, wait! Before you put all that money in the bank, there are costs related to this extra income source. First of all, the extra income may put you in a higher tax bracket. At the very least you will probably pay 25% of that extra earnings in federal tax. Plus, you will also have to pay 7.65% FICA tax on that income. That alone will reduce your earnings by $6,800. Now you're only getting $14,000. According to recent studies in the US, the daily expenses incurred by someone working a second job (food, clothing, fuel, parking, etc), averages around $60 per day...not including childcare. That works out to $15,600! WELL, that means you are now paying to work this second job!
NOW WHAT? What alternative do you have?
Comment below "HELP" to learn what I've found.
0 Kommentare
0 Anteile
21 Ansichten
English
Arabic
French
Spanish
Portuguese
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek
हिन्दी