How dumb do you have to be? By the time you make that much money you should, in theory, know the answer definitively or have a guy.
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This belief is held by many older folks due to propoganda, and it is passed down to their children when their parents teach them about taxes. Since almost all younger folks use automated tax services, if they aren't doing the math themselves, the fact that this isn't true isn't going to be discovered. I was taught the incorrect way when I was a kid, but noticed that it was wrong the first time I had to do my own taxes. But when I told my parents the way it actually worked, they didn't believe me until I showed them the .gov site that breaks it down. I grew up in a small, blue collar town, and every single person I talked to about taxes parroted the same incorrect system.
For someone outside the American tax system, can anyone put the difference in approximate numbers?
This all boils down to a common misconception about 'tax brackets'.
To simplify, pretend there's a 28% tax bracket up to 100,000 dollars, and a 33% tax bracket when you hit 100k. The first 100k is always taxed at 28%, no matter what you make, and it's only the incremental amount that gets taxed heavier. So here in this example, that would mean tax burden would be 28,000.33 instead of 28,000.28. These are not the exact brackets or percentages, but it's at least showing the right magnitude of increase versus total amount.
However, many people are "afraid" of bumping a higher tax bracket. They think the tax bill would go from 28,000.28 to 33,000.33. That the tax bracket bumps up all your liability. I remember growing up people saying "I have to watch out and not hit the bigger tax bracket, if I'm close then I need a big raise to make it worth it, or else the raise is going to cost me more than it would make me". This a big driver of antipathy toward democrat tax policies, a belief that mild success will punish them, despite it only increasing on the incremental amount.
To be more specific the first 100,000 isn't taxed at 28%. The 44 to 100k range would be, but below that will be taxed at lower percentages. The first ~10k you make is taxed at 10%, and then it increases throughout.
In exact numbers, 5 cents.
That one dollar in the 33% bracket has .33 in taxes instead of .28. So their obligation goes up .05 per every dollar in the 33% tax bracket.
This is the problem. My partner doesn’t want to work OT because he thinks it will cost him more in taxes. I explain why that’s not exactly true, but I can tell he’s not interested. Financial Literacy in the US is abysmal.
This is not a US specific issue, tbh. I've heard this weird belief repeated by all sorts of people.
"you can't make less money by making more money"
Unless you're poor enough to be on welfare. The Welfare Cliff is awful.
This can also apply to student loans when one person makes a lot more than the other.
Your partner is a moron who doesn't understand relatively simple math.
There’s not enough information provided to reach this conclusion.
There is very much enough information given to reach that conclusion.
No, there is not. There are many tax credits one is no longer eligible for after a certain threshold. There are various programs one is no longer eligible for after a certain threshold.
Most of the likely credits tend to phase out gracefully. So it's true that we can't be certain, based on my experience of when people are afraid of making too much money, it's almost always because they think a higher tax bracket applies flatly across their income not due to nuanced understanding of tax credit and welfare benefits.
Oddly enough it kinda does. OT can make you pay out more taxes on that one check since withholdings are calculated by check. Basically the government/payroll system thinks you're going to be making that every week so more taxes will be taken out.
In reality this only effects the size of your tax bill or return at the end of the year.
That's what people see and exactly why they think they got kicked up a whole tax bracket.
The whole notion of "kicked up a tax bracket" is also a misleading thing. Only a piece of your income goes into the "new bracket", all pay under the new bracket is taxed as they would have been used to.
Run, if it's not too late.
And they'll also refuse to believe you when you try to explain it to them