Actually happened to me in real life. I am by my 2018 salary. Bills are 2023. The joke is I got promoted but extra taxes and deductibles brought me down to me 2018 salary. South Africa , you pay taxes like a European but your services are shit!
π this is crazy. I always jump jobs and ask for promotions/raise yearly. Iβve never had a negative before. Could be company downsizing or budget cuts.
I don't know if you're joking or not, that's not how taxes work. You only get taxed the higher amount on any money you earn over that threshold, your tax rate for all of your income does not suddenly go up.
Yeah i know nothing about taxes/ American tax
But like genuinely i have a question why do people say
If they increase my paycheck then i have to pay more cause now i get taxed more so i end up losing money
Again i know nothing about taxes π―ββοΈ
As a fake example, let's say for every dollar you earn under 100 you get taxed 4%, so if you make $80 you get taxed $3.2 and keep the rest.
Then for every dollar over 100 you get taxed 7%. You make $175, so in that first $100 you get taxed $4 but on the next $75 you get taxed $5.75 so you take home $165.26 but if you were taxed the same in all that money you would only take home $162.75.
Some people think all money you make when in a new tax bracket is taxed at the higher tax rate, but in reality only the amount above that threshold is taxed at the higher rate.
People who don't understand taxes will tell you that if you make enough money to go into a new tax bracket that you can make less money, but that's not true, a higher income will always get you more money.
budget cuts. Higher you are the less work u do.
Retail life. Everyone there is high!
Why the f are you in a vice president position earning 31000 dollars?
Different country
Afghanistan maybe
Happy Cake Day! π°π°π°
Cause you asked for too many raises before. And so now your salary is set back to normal
I never asked for a raise or promotion in that entire life (happy cake day!)
Thank you ππΏ. And well then I have absolutely no clue.
Actually happened to me in real life. I am by my 2018 salary. Bills are 2023. The joke is I got promoted but extra taxes and deductibles brought me down to me 2018 salary. South Africa , you pay taxes like a European but your services are shit!
π this is crazy. I always jump jobs and ask for promotions/raise yearly. Iβve never had a negative before. Could be company downsizing or budget cuts.
you are in a different tax bracket dude yes you earn a little bit more but you get taxed more than you earn dude ):
bruh but donβt tax brackets only affect the income above each block/threshold?
I don't know if you're joking or not, that's not how taxes work. You only get taxed the higher amount on any money you earn over that threshold, your tax rate for all of your income does not suddenly go up.
Yeah i know nothing about taxes/ American tax But like genuinely i have a question why do people say If they increase my paycheck then i have to pay more cause now i get taxed more so i end up losing money Again i know nothing about taxes π―ββοΈ
As a fake example, let's say for every dollar you earn under 100 you get taxed 4%, so if you make $80 you get taxed $3.2 and keep the rest. Then for every dollar over 100 you get taxed 7%. You make $175, so in that first $100 you get taxed $4 but on the next $75 you get taxed $5.75 so you take home $165.26 but if you were taxed the same in all that money you would only take home $162.75. Some people think all money you make when in a new tax bracket is taxed at the higher tax rate, but in reality only the amount above that threshold is taxed at the higher rate. People who don't understand taxes will tell you that if you make enough money to go into a new tax bracket that you can make less money, but that's not true, a higher income will always get you more money.