So I accepted my offer for Engineer I at $64,000 per year salary. I'm very efficient though and they told me if I finish my work early, I'll be able to take half of Friday off or just the whole day period. The thing is, I owe the government $40,000 in student debt and I have $1,800 in "baddies" on my record. I'm sitting on a 574 CK so I really need to get to work cleaning this shit up.
I'm thinking of spending a couple of nights a week, Saturday and Sunday during the day driving for UberX or Sidecar or Lyft.
How will this affect me in terms of my income taxes? I don't have DUI's on my record, but my license was suspended for a year for a failure to pay on a speeding ticket. I have nothing serious on my record. I also get roughly 20-25 MPG mixed. I've heard of drivers making somewhere around $450 on weekends, combined with my weekday trips, I figure I can pull in around $500-550 per week which would put me at around $85,000 per year.
Are the extra earnings worth the income tax hit? How does income tax work for two jobs? From what I understand, I have to pay a flat tax fee of around $5,000 plus 25% of what I earn over 36k. So .25 of 28k or .25 of 40k. Man taxes suck.
Anyway, an income tax calculator has me projected to have to pay around $11,000 in taxes with two jobs. My tax bracket doesn't change and working as a driver is only around $10/hour less than my engineering gig. But what about the job itself? Does this sound like a good idea? I was thinking of doing it for the rest of 2014 and putting the money in a separate debt/savings account. I'd use it to take care of the items on my credit history that are affecting me the worst and for saving money for potentially going to graduate school next year.
I'm thinking of spending a couple of nights a week, Saturday and Sunday during the day driving for UberX or Sidecar or Lyft.
How will this affect me in terms of my income taxes? I don't have DUI's on my record, but my license was suspended for a year for a failure to pay on a speeding ticket. I have nothing serious on my record. I also get roughly 20-25 MPG mixed. I've heard of drivers making somewhere around $450 on weekends, combined with my weekday trips, I figure I can pull in around $500-550 per week which would put me at around $85,000 per year.
Are the extra earnings worth the income tax hit? How does income tax work for two jobs? From what I understand, I have to pay a flat tax fee of around $5,000 plus 25% of what I earn over 36k. So .25 of 28k or .25 of 40k. Man taxes suck.
Anyway, an income tax calculator has me projected to have to pay around $11,000 in taxes with two jobs. My tax bracket doesn't change and working as a driver is only around $10/hour less than my engineering gig. But what about the job itself? Does this sound like a good idea? I was thinking of doing it for the rest of 2014 and putting the money in a separate debt/savings account. I'd use it to take care of the items on my credit history that are affecting me the worst and for saving money for potentially going to graduate school next year.