5 smart & simple ways to maximize your supplemental income

Supplemental income could include income earned through a side  hustle, or it could include money from a regular job that is extra:  bonuses, overtime pay, tips, commissions, and so forth.

The worker is responsible for paying federal taxes, FICA, Medicare tax, and any state and local taxes on net income.

First, Manage Your Income Taxes

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Paying Off “Bad” Debt

Bad debt can also refer to loan or lines of credit with higher interest  rates, and which are harder to pay off as a result.

Establishing an Emergency Savings Account

Another smart idea is to put supplemental income into an emergency savings account.

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You could save or invest your extra money! This can include saving for  personal goals, from a down payment on a house to a vacation fund, and  or for retirement.

Saving and Investing


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