Didn’t these brackets come out like a month ago?
Cairo said:
Didn’t these brackets come out like a month ago?
TikTok is always late on this stuff and even worse at understanding marginal tax rates.
Cairo said:
Didn’t these brackets come out like a month ago?
TikTok is always late on this stuff and even worse at understanding marginal tax rates.
Calling them ‘slow’ is being too kind.
They’re not even thinking about the standard deduction first, as usual.
I bet they think $49k in earnings means $49k x 22% = $10,780 in taxes. (It’s actually closer to $3,842 or 7.8% of gross; not a dollar gets taxed at 22%).
Bevin said:
I bet they think $49k in earnings means $49k x 22% = $10,780 in taxes. (It’s actually closer to $3,842 or 7.8% of gross; not a dollar gets taxed at 22%).
These are the same people who turn down raises because they think it’ll push them into a higher bracket.
@Blaine
I had a coworker who refused overtime for this exact reason. He’d leave us hanging just to avoid a few extra minutes of OT. I tried explaining brackets, but he didn’t get it.
Vic said:
@Blaine
I had a coworker who refused overtime for this exact reason. He’d leave us hanging just to avoid a few extra minutes of OT. I tried explaining brackets, but he didn’t get it.
Plot twist: he just didn’t want to work overtime.
It’s basically the same as last year but with a 2.8% bump.
Bevin said:
I bet they think $49k in earnings means $49k x 22% = $10,780 in taxes. (It’s actually closer to $3,842 or 7.8% of gross; not a dollar gets taxed at 22%).
Exactly. The effective tax rate is a whole different story from the highest bracket your earnings touch.
Bevin said:
I bet they think $49k in earnings means $49k x 22% = $10,780 in taxes. (It’s actually closer to $3,842 or 7.8% of gross; not a dollar gets taxed at 22%).
They probably think Biden personally wrote these brackets.
Bevin said:
I bet they think $49k in earnings means $49k x 22% = $10,780 in taxes. (It’s actually closer to $3,842 or 7.8% of gross; not a dollar gets taxed at 22%).
Yes, but in some states, like NY, it does almost work that way. Federal doesn’t, though.
Bevin said:
I bet they think $49k in earnings means $49k x 22% = $10,780 in taxes. (It’s actually closer to $3,842 or 7.8% of gross; not a dollar gets taxed at 22%).
Yep.
Harlem said:
It’s basically the same as last year but with a 2.8% bump.
They adjust slightly every year unless Congress decides to rewrite them. Last big change was in 2017.
We need to teach taxes in schools. Seriously, it should be part of high school education.
Valentine said:
We need to teach taxes in schools. Seriously, it should be part of high school education.
But no one would pay attention in that class.
Valentine said:
We need to teach taxes in schools. Seriously, it should be part of high school education.
But no one would pay attention in that class.
Guess they won’t have to if the Department of Education is shut down.