Got my first raise last week. Found out today it was just enough to put me in the next tax bracket and now I’m effectively making less money. PGP.
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Respond
Not exactly how marginal tax rates work but hey congrats on the raise
Example #57999421 of why we need to teach personal finance before people enter the working world.
Shhh stop it with that logic
The OP is the example. I agree with your comment. In case that wasn’t clear.
Always take the money, you only pay the higher rate with the next bracket on the new money.
Are you losing money due to losing deductions? I don’t see how else a raise could lose you money
Time for a 401K and an IRA (if you don’t already have those).