Comic Strips

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Comic Strips is a community for those who love comic stories.

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The post can be a single image, an image gallery, or a link to a specific comic hosted on another site (the author's website, for instance).
The comic must be a complete story.
If it is an external link, it must be to a specific story, not to the root of the site.
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Would you like to donate a dollar? (sh.itjust.works)

submitted 8 months ago by shderz@sh.itjust.works to c/comicstrips@lemmy.world

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[–] i_stole_ur_taco@lemmy.ca 42 points 8 months ago (2 children)

I know people who still repeat the line that earning more money will push them into a higher tax bracket and they’d end up with less money than if they stayed at their current income.

[–] iAmTheTot@sh.itjust.works 21 points 8 months ago (1 children)

Oh man don't even get me started on that one too. I knew some people that genuinely thought a bonus would make them earn less overall.

[–] 9488fcea02a9@sh.itjust.works 3 points 8 months ago* (last edited 8 months ago)

If i was a manager and someone turned down a raise/bonus because "tax" reasons, i would seriously evaluate my own managerial skills....

Like, how did i not notice this person is a complete moron and why did i offer them a raise?

[–] NotAnotherLemmyUser@lemmy.world 7 points 8 months ago* (last edited 8 months ago)

So, there are some misconceptions about this on both sides. While some may misunderstand how tax brackets work, there absolutely are certain income thresholds where barely going over a certain amount will net you less money overall.

Edit: To clarify, you should accept the raise. In most cases all you need to do to avoid "losing money" at any of these points is to lower your AGI by contributing to an IRA, 401K, etc.

For example (using 2025 numbers here for a single filer):

EITC (Earned Income Tax Credit) @~$50k (if you have 1 kid) you miss out on a $4k tax credit. So there's no point to getting a raise that puts you between $50k and $54k (don't actually reject the raise, just make sure you lower your income by contributing to an IRA or something like that). https://www.nerdwallet.com/article/taxes/can-you-take-earned-income-tax-credit

IRA Deductions @ $79k you start to lose out on IRA deduction benefits https://www.nerdwallet.com/article/investing/what-is-a-traditional-ira

Medicare Premium Increase (for those on medicare)
@ $106k your medicare tax increases by $888, so you don't want a raise that puts you between $106k and $~107k
@ $133k medicare tax increases by $1.3k, so you don't want a raise between $133k and $134k
@ $167k medicare tax increases by $1.3k again
@ $200k medicare tax increases by $1.3k again
@ $500k medicare tax increases by $444... https://www.nerdwallet.com/article/insurance/medicare/what-is-the-medicare-irmaa

Roth IRA @ $150k you start to lose out on benefits from having a Roth IRA @ $165k you can no longer contribute to a Roth IRA, so if you're close to this limit, you're going to do what you can to stay under this income bracket as much as possible (contribute to an HSA, 401k, IRA, etc). https://www.nerdwallet.com/article/investing/roth-ira-contribution-limits

Child Tax Credit @ $200k you don't get as much of a child tax credit, but luckily this drops off fairly slowly at a rate of $50 per $1k that you exceed that $200k limit. https://www.nerdwallet.com/article/taxes/qualify-child-child-care-tax-credit

There are probably a few other taxes/credits I didn't include, but this is just a quick example with what I could look up at the moment.