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Stupid Pet Peeves

All sports is cancelled yet there are still a handful of people at my work that don't know how to watch anything but ESPN and the TV in the breakroom is still being changed to ESPN no matter what.
 
Got a new job with a pretty substantial raise but put me in a new tax bracket so I’m only about 8% higher pay instead of the 30% + increase in salary. So not as cool as I thought.
 
Beer said:
Got a new job with a pretty substantial raise but put me in a new tax bracket so I’m only about 8% higher pay instead of the 30% + increase in salary. So not as cool as I thought.
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A lot of people really misunderstand tax brackets.

I'm not going to use the actual numbers here, just big round numbers.

If $20,000 is exempt from taxes, it's exempt. If you earn $20,001 then you pay the above 20k taxes on $1. If you earn $1,000,000 your first $20,000 is exempt from taxes, you pay taxes on the next $980,000.

If the next bracket up after you pass 20k is 50K and you earn $55,000 then you pay no taxes on your first 20k, then the 20k-50K rate on that $30,000 and you pay the $50,000+ rate on that last $5,000.

Earning an extra dollar never costs you more than a dollar, unless it disqualifies you from stuff like an earned income tax credit or child tax credit. But as far as your tax bracket goes, if you make millions of dollars than you are in all the brackets, not just the highest one.

Make sense?
 
Beer said:
Got a new job with a pretty substantial raise but put me in a new tax bracket so I’m only about 8% higher pay instead of the 30% + increase in salary. So not as cool as I thought.
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As @Gameface explained, that's pretty much impossible. Check the numbers again. The new tax bracket is your "marginal" rate, not your total rate, and only applies to the part of your income which put you into the new tax bracket.
 
Gameface said:
A lot of people really misunderstand tax brackets.

I'm not going to use the actual numbers here, just big round numbers.

If $20,000 is exempt from taxes, it's exempt. If you earn $20,001 then you pay the above 20k taxes on $1. If you earn $1,000,000 your first $20,000 is exempt from taxes, you pay taxes on the next $980,000.

If the next bracket up after you pass 20k is 50K and you earn $55,000 then you pay no taxes on your first 20k, then the 20k-50K rate on that $30,000 and you pay the $50,000+ rate on that last $5,000.

Earning an extra dollar never costs you more than a dollar, unless it disqualifies you from stuff like an earned income tax credit or child tax credit. But as far as your tax bracket goes, if you make millions of dollars than you are in all the brackets, not just the highest one.

Make sense?
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Wrong, it means the gubmint taking all my money.
 
Leave beer alone, he had to have some way to brag to everyone he makes a lot of money and not sound completely douchey at the same time. Complaining about taxes is something even simple people like you can relate to along with a rich person like him.
 
LogGrad98 said:
Leave beer alone, he had to have some way to brag to everyone he makes a lot of money and not sound completely douchey at the same time. Complaining about taxes is something even simple people like you can relate to along with a rich person like
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Gameface said:
A lot of people really misunderstand tax brackets.

I'm not going to use the actual numbers here, just big round numbers.

If $20,000 is exempt from taxes, it's exempt. If you earn $20,001 then you pay the above 20k taxes on $1. If you earn $1,000,000 your first $20,000 is exempt from taxes, you pay taxes on the next $980,000.

If the next bracket up after you pass 20k is 50K and you earn $55,000 then you pay no taxes on your first 20k, then the 20k-50K rate on that $30,000 and you pay the $50,000+ rate on that last $5,000.

Earning an extra dollar never costs you more than a dollar, unless it disqualifies you from stuff like an earned income tax credit or child tax credit. But as far as your tax bracket goes, if you make millions of dollars than you are in all the brackets, not just the highest one.

Make sense?
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We’ll go with general numbers. Say someone went from 100k salary to 125k salary but their net paycheck was only $300 difference. Would that be weird and annoying?

And you are right I do have no idea how taxes work though. I do see my pay checks though. Maybe I f’ef up my W4.

And to @LogGrad98 if you think that’s a ton of money I feel bad for you.
 
Beer said:
We’ll go with general numbers. Say someone went from 100k salary to 125k salary but their net paycheck was only $300 difference. Would that be weird and annoying?

And you are right I do have no idea how taxes work though. I do see my pay checks though. Maybe I f’ef up my W4.

And to @LogGrad98 if you think that’s a ton of money I feel bad for you.
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I think 100,000 per year is a ton of money.

Sent from my ONEPLUS A6013 using JazzFanz mobile app
 
Beer said:
We’ll go with general numbers. Say someone went from 100k salary to 125k salary but their net paycheck was only $300 difference. Would that be weird and annoying?

And you are right I do have no idea how taxes work though. I do see my pay checks though. Maybe I f’ef up my W4.

And to @LogGrad98 if you think that’s a ton of money I feel bad for you.
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Please quote where I said that any specific amount is "a lot" of money. I just pointed out that you wanted an excuse to brag about your raise and income, whatever amount that might be.
 
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