Under trump tax plan: earn 120k, pay 33% taxes, net pay is 80k. Earn 112k, pay 25%, net pay is 84k. Approaching a salary bump, what would you do?

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You don't understand how a graduated tax plan works... Do you?

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With that logic you should get a job at McDonalds so you get the EITC and pay no taxes.

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You only pay the 33% on the income above 120K+, not the whole thing.👍 your good

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Seriously, look up graduated taxes. This is basic stuff people

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Trump supporters and these types of questions. KPMG had had a good showing this week.

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Not a tax pro and actually have never heard of a "graduated tax plan". Happy to google stuff tho. I know standard deduction factors into this too

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Lol you guys are acting like tax info is common knowledge. There's a reason why I posted here

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The tax structure should be common knowledge, marginal tax rates only apply to the income above the salary level for which it applies. Suppose tax rates are 0% up to 20k, 5% up to 40k, and 10% to 60k. With a 50k income, you pay 0% on the first 20k you earn, 5% on the next 20k, and 10% on the last 10k you earn.

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@D2 coming out swinging with blind hate. Never did OP mention which candidate they supported.

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Turn down the promotion and raise. Don't ask any more question, turn them down.

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Thanks IBM

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Get married and jointly file $225,000 at 25%

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I don't think you have to worry about getting a raise

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Relief. Thanks 🙏🏻

Ibm you're right. I'm not a happy camper right now

Lol, what. Is this something new? Tax rate at 120k seems way higher than it is now. Aren't GOPs supposed to cut tax?

Tax above £43k in the U.K. is 40%.. just saying

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