Submitted by FlatGreg on December 9, 2007 - 21:16.
"sometimes a small raise to the next tax bracket can even mean less take-home pay than before."
How so? Say your salary increases, and 1k of your new salary ends up being in a higher tax bracket. Not all your income is taxed in the new bracket, just that 1k. Or am I missing something?
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tax bracket?
Submitted by FlatGreg on December 9, 2007 - 21:16.
"sometimes a small raise to the next tax bracket can even mean less take-home pay than before."
How so? Say your salary increases, and 1k of your new salary ends up being in a higher tax bracket. Not all your income is taxed in the new bracket, just that 1k. Or am I missing something?