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Bill X | Is it possible for a pay raise to result in less income due to being put in a higher tax bracket? |
If not, why not? Is it because our tax system works on a "graduated" income tax? |
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IG64
|
It is and isn't....
No you wont see income taxes causing you to make less income... the way the tax system in the US works is as follows...
If taxable income is between $0 and $7,550 then you pay 10% on the money you make over $7,550 until you reach $30,650. Then you pay 15% taxes on the amount beyond $30,650 but still only 10% on the amount between 7550 and 30650... That's the way it works for each change in tax brackets. A raise that puts you into a higher tax bracket will only cause the higher bracket to impact the amount beyond your lower tax bracket.... so in this regard it will not cause you to lose income.
NOW... here is where it can impact you. Some deductions and tax credits only apply to incomes below a certain level. If the raise was to cause you to lose a deduction or tax credit then it could cause your after tax income to be lower, but because of the vast number of different credits/deductions/rules its only possible to figure out if a raise would harm you if you have someone look at your situation in detail. |
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Bifferoo
|
In general, the answer would be 'NO', because the increasing tax rate applies to the income above certain levels, not on the entire amount.
That said, the Alternative Minimum Tax is nailing many more people. I don't know how that might affect you. |
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Judy1
 |
No it isn't. The tax on the amount you made before doesn't change even if the increase puts you in a higher bracket - only the amount that is over the bracket limit, which would be part of the increase, would be taxed at the higher rate.
The people who said otherwise, and that it had happened to them, had to have something else change also - like the person who was no longer getting overtime pay so her total pay went down - that wasn't because of the tax bracket. |
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Wayne Z
 |
No.
As others have said, we have a graduated income tax system.
It is impossible to come out behind by making more money. |
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Gem
 |
Actually, it can if other things change too.
Best example is when I went from hourly paid clerk ($7 an hour) to Salaried Management ($320 a week) At first glance I I received a dollar an hour raise. Shot me into a higher tax bracket so a greater percentage was taken out in taxes, but the real kicker is I went from 40-50 hours paid a week, to 70-100 hours for just the salary. Figure that one. My "raise" put my hourly pay (gross before taxes) at around $3.20 an hour.
Can't win for losing I guess. |
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stephenweinstein
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Generally, no. Only the additional income is taxed at the higher rate. For example, if income up to $15,000 was taxed at 10% and income above $15,000 at 20%, then a raise from $10,000 to $20,000 would increase your tax from $1,000 to $2,500 (10% of 15,000 plus 20% of $5,000), NOT to $4,000 (20% of $20,000).
In extremely rare cases, yes, but only by a few dollars, and only if it is a very small raise. This happens if you go from being a few dollars below the limit for eligibility for a particular credit to a few dollars above it, and does not necessarily involve with tax brackets. |
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Moody Red
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It's possible. However, it can be avoided. You have IRA's and investments, retirement funds that will avoid taxes until you take them out. When you retire you will be in a much lower tax bracket, if any, depends on the income and how much you take out. Charities are a wonderful way to claim tax deductions also. It is much nicer and feels good to contribute to these organization. Cancer is a great one, but there are many good causes. |
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Bill
 |
The tax bracket isn't an absolute percentage of your income. This prevents someone's one-dollar raise from costing him.
Graduated tax works like this:
Suppose your taxable income (after deductions and exemptions) was exactly $100,000 in 2003 and your status was Married filing separately; then your tax would be calculated like this:
( $ 7,000 - 0 ) x .10 : $ 700
( 28,400 - 7,000 ) x .15 : 3,210
( 57,325 - 28,400 ) x .25 : 7,231
( 87,350 - 57,325 ) x .28 : 8,407
( 100,000 - 87,350 ) x .33 : 4,175
Total: $ 23,723
This puts you in the 33% tax bracket; but as a percentage of your income, your tax is about 23.7%. |
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De
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well any raise will result in more taxes if it changes your tax bracket then it will become more... But you should be getting a few dollars more than before the raise... |
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just plain jim
 |
Yes, I went through it.
I got a raise, then found my check was less, so I went to the boss and asked the raise be taken back or increased because of that. He said the company couldn't do that and I'd have to live with it.
Our tax system is way too complicated and intrusive.
Where I now live in China, personal income taxes do not come into play till a person makes considerably more then the average person.
Plus they don't have a sales tax.
Plus where I live, I can buy a home and have zero property taxes.
Hell, except for living in poverty wages according to the USA, I'm almost virtually tax free except for a pittance paid to the USA.
The USA tax system is repressive in more ways then just paying it. It is far too intrusive in our lives. The government has no right to know where we live, what our job is, where we work and what our spending habits are, unless we want to tell them.
Peace
Jim
. |
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aleesonaroll
|
Absolutely. The best way to offset this affect and actually increase your Net is to contribute to your 401K. That is, of course, if you are offered one at work. Or whatever Qualified Retirement Plan is offered to you on a "pre-tax" contribution basis. These contributions will affectively lower your 'taxable' income and thus, in some cases, put you in a lower tax bracket. This will cause your Net to increase, PLUS you're shoring up your retirement at the same time. |
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amnesty sucks
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If you are on the edge, between tax brackets, your net check might be lower. Sucks doesn't it? |
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DR DEAL
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Yes it will put you into another tax bracket, and this is a major pain in the a$$.
I worked in a govt shipyard till closed and had opportunity to work overtime, this was work and less pay. ! |
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howie r
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it could but only if it was a tiny raise and you had just been at the highest end of one 'bracket' and got a tiny raise to take you to the lowest end of the next bracket. .. but it would have to be like a nickel raise that could result in a penny reduction in income. so it would basically be insignificant. |
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b w
 |
Yes, it has happened to me, although not recently, maybe the tax code has changed?? |
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Bryce
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Welcome to the working world! Yes, that happens a lot.
I just got a fifty-cent-per-hour raise (thank you, Broward County!) which in theory should be an additional $40 per paycheck, getting paid every two weeks... right? I take home $8 more. I'll buy an extra beer or two to celebrate!
It's because the government doesn't care about those of us who work for wages. The tax system supports the wealthy and screws everyone else. |
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