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Overtime Paid - woohoo

April 16th, 2007 at 07:42 pm

$20 challenge:

$4,963.14 - Balance 4/9

$1,900.00 - Overtime Bonus (after big bad tax)

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$6,863.14 - Balance 4/16
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I just blogged about this in a prior entry and occured to me to add it to the challenge. All my extra working for tax season - sweat and tears - is paid off with an unexpected early bonus payment. Going straight to pay off the $2500 balance on my car. I am once again debt-free besides the mortgage. Woohoo. I'll take $500 or so from savings just so I can pay it off tomorrow. Will replenish the savings on the 1st. I am a happy girl.

Bonus was actually $2500 before taxes. I lucked out big time because I had asked my boss to only withhold $50/check for state. & so he did not adjust it for the bonus. Which is awesome because my state is always overpaid but I was worried if I was too aggressive on my allowances for Fed. Not with this check (withheld about $400 Fed even though all year-to-date only withheld $200 or so before this check). I think Fed will be okay and I am glad no more state was withheld - no need. Yes with our mortgage, insane health insurance, and kids our income tax rate is nil. But I did play it a tad aggressive by 1 or 2 allowances so the excess bonus withholding helps. I think I played it pretty well. I had in mind all along the bonus checks withhold way too much. I know it wasn't too nasty, but I usually get to keep 90% of my gross pay, so nasty enough for me - LOL. But with advanced planning on the withholding, get to keep it the rest of the year I guess. I just hadn't thought about the state tax - that the boss would just leave it at $50 - that was grand!

5 Responses to “Overtime Paid - woohoo”

  1. homebody Says:
    1176751904

    I am happy for you. Congratulations!

  2. Fern Says:
    1176752783

    debt-free except for the mortgage?

    That's a great feeling, isn't it?

    Congrats!

  3. Ima saver Says:
    1176753261

    That is great, happy for you!

  4. JanH Says:
    1176760554

    That's great! I can't wait to only have the mortgage!

  5. fairy74 Says:
    1176829454

    good for you Smile

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