How U.S. Taxes ACTUALLY Work! Explained.
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Published 2022-01-15
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All Comments (21)
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The boss should have said "you work in a bank, how do you not know this, no more raise for you"
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"wait, you are our lead accountant. How do you not know this?"
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A boss refusing an opportunity to not give someone a raise. Unrealistic
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“Actually, I ran the numbers on this… and it actually makes more financial sense to gain money…” -Oscar Martinez
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In a realistic scenario the boss would've just accepted his logic and not given a raise.
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“So can I still take that raise boss?” “Haha, no”
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Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.
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"So when do I get that raise?" "Sorry you said no, I gave it to myself while we were talking"
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“Yes, but now you’re fired because you should know this”
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he was then fired... because his job was at H&R Block
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38k a year is 18.27 an hour. The raise is 69 cents an hour.
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If you didn’t understand the explanation, think of it like this: If you make $40,526 a year, then $40,525 of it would still be taxed at 12%. Only the dollar in the next bracket would be taxed at 22% Edit: Clarity
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"I'll pass" "Ok buddy"
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"We hired you as accountant. You are fired" The ending we deservedly
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the fact that so many people don't know this is crazy. I heard this from my mom when I started at a real Job haha.
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I thought for a good +20 years that if i go over a dollar, i start to pay double the taxes over all my salary.
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I’ve tried to explain this to my father like 20 times
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A lot of people need to hear this.
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I literally have felt the urge to beat people who warn me about "don't go into the next bracket!"
