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[quote=Anonymous]The overtime tax deduction A deduction, not an exemption: The OBBB provides a federal tax deduction, not an exemption, on a portion of overtime pay. The deduction lowers a taxpayer's taxable income, which can result in less tax owed or a larger refund. "The half," not "time and a half": The deduction only applies to the premium portion of overtime wages—the "half" in "time and a half". For example, a worker earning $30 per hour in overtime (on a $20 regular rate) can only deduct the $10 premium, not the full $30. Excludes payroll taxes: The deduction applies only to federal income tax, not to payroll taxes such as Social Security and Medicare. Caps and phaseouts: The deduction is capped at $12,500 for individuals ($25,000 for married couples filing jointly) and begins to phase out at higher income levels. Police and Firefighters are screwed. [/quote]
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