Is it worth working multiple jobs bc of taxes?

Question

I am debating working a summer job that will pay me about 1000 dollars

Answer 1

It really depends on your tax bracket.  You can use a tool like "turbotax online" for free and "plug in" the approximate numbers.  You will be able to see what it will do to your taxes for real.

Answer 2

Yes, it is worth it.

Answer 3

Even if you are in the top tax bracket for federal and state, and live in the state with the highest taxes, the total tax on the extra job would be around 50% of what you made so you'd still have half of it left.  And to be in that bracket you'd have to have income of around $350,000 for the year - I assume you don't or you wouldn't be considering a $1000 second job.  It's more likely you'll lose 25-30% total for taxes.

Answer 4

Let's say for the sake of argument, you earn $1,000.00 before tax.  After tax you net $700.00.  Now if you didn't work, not only would you not earn $1,000.00, you would not have an additional $700.00.  Now ask yourself, do you want an additional $700.00 in spending money or would you prefer to forgo the material items that you could acquire with this additional $700.00.  Only you can answer this question.