|
|
|
|
|
by redblacktree
699 days ago
|
|
That's not how tax brackets work, but it is a common misconception. If you salary goes up, your take-home goes up, full stop. If you are making $191,950/year (the very top end of the 24% bracket for 2024) you will pay $39,110.50 in federal income tax, (before any deductions) for a net of $152,839.50. (You may notice that this is less than 24%) If you make an additional $1,000/year: $192,950, only the additional $1,000 is taxed at the 32% rate. Which makes your total federal income tax bill $320 more, and improving your net take-home to $153,519.50 Edit to add: I'm disappointed that sibling comments to mine are so degrading. We all had to learn this at some point. |
|