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/biz/ - Business & Finance

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56131968 No.56131968 [Reply] [Original]

I didn't take the raise because it would put me in the next tax bracket

>> No.56132028

>>56131968
They conducted a study in Sweden a few years ago that looked at who intentionally lowered his income to stay in the most profitable tax bracket. They found out, thanks to very detailed data, that especially highly intelligent males lowered their productivity by taking time off or skipping raises just to prevent themselves falling into the next tax bracket.

They also found out that women have absolutely no idea what they are doing, they just pay taxes, no matter what. They even went into the next tax bracket even if it meant they make less than before.

>> No.56132596

i dont understand how some stupid countries do that. having more income should always translates to having more money post tax.

>> No.56132617

I know a guy who didnt take any pay rises on paper for like 10 years.

By the end of it he was on $62k on books and getting $40k+ in cash lol


This is why governments are so hard on small businesses for taxes, because small businesses do shifty shit like this all the time

>> No.56132638

>>56132596
It really doesn't though. Like for example if I work 40 hours I get 600 in a week, but if I work 45 hours (time and a half for 5) I take home an extra $20.

>> No.56132647

>>56132638
doesn't work like that if you live in the USA. you weekly paycheck is smaller but the difference gets made up when you file annual taxes.

>> No.56132649

>>56132647
Oh wow I'll get a 2k tax return instead of a 1.5k thank you Mr goldblatt pls work my body harder

>> No.56132672

>>56132649
i also hated working overtime when i was a poorfag. more than 40 hours a week is unbearable and time and a half on a shit wage is still a shit wage.

>> No.56132678

>>56131968
People in my company voted down a pay rise because they thought that it would put them in the 37% tax bracket rather than the 32.5%.

>> No.56132699

>>56132678
fucking kek

>> No.56132739

>>56132617
>>This is why governments are so hard on small businesses for taxes, because small businesses do shifty shit like this all the time
if the public servants did not extort money in the first place, there would not be shifty shit like this in the first place

>> No.56132924

>>56132617
>This is why governments are so hard on small businesses
TFW your government is literally worse than Hitler

>> No.56133063

>>56131968
Dont be giving away our secerets to the faggots you fucking retard

>> No.56133330

>live in blue state
>if you make over 48k you get kicked of all the gibs

>> No.56133453
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56133453

>Work minimum wage in Denmark
>Pay 44% income tax
>25% VAT sales tax
>Government yoinks another 12.5% of salary and saves them as “holiday money” for me and I need to apply to get them unlocked during a holiday

>> No.56133484

>>56133453
Common, let's go to a finance paradise like UAE or Andorra

>> No.56133498

>>56133453
on the plus side Denmark is a good country. I plan to move her to get away from migrants and heatwaves. In 20 years, Scandinavia will be south europe from the 80s, it's going to be good.

>> No.56135569

>>56131968
bump

>> No.56136073

>>56131968
That’s not how tax brackets work

>> No.56136839

>>56131968
When I worked manual labor, a lot of my coworkers would calculate how many hours they worked to just be below a certain tax bracket

>> No.56136852

>>56131968
smooth brain, take the raise and salary sacrifice with 401k to stay in lower tax bracket. You are an idiot.

>> No.56136873

>>56136073
yeah, what am I missing. The portion of your salary that exceeds the bracket gets taxed at the new rate, while the portion of your salary falling under it remains taxed at that bracket
if you make 1 dollar over the bracket, then that 1 dollar is all that's taxed at the new bracket
is it not like this everywhere? because the other way, as OP is stating, is utterly retarded

>> No.56136879
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56136879

>>56131968
You're taxed on the money you earn within that bracket. For example, if it goes from 18% to 20% at $100k and you make $120k, only $20k is going to be taxed at 20%. tl;dr you are not smart

>> No.56137036

>>56136873
Correct. Op was probably joking but a lot of people actually think like that

>> No.56137735

>>56131968
ngl I chuckled. well done op well done