How U.S. Taxes ACTUALLY Work! Explained.
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Published 2022-01-15
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All Comments (21)
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Check out how to build wealth here: https://youtu.be/Tfifs6lJR9I
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"wait, you are our lead accountant. How do you not know this?"
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The boss should have said "you work in a bank, how do you not know this, no more raise for you"
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A boss refusing an opportunity to not give someone a raise. Unrealistic
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Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.
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In a realistic scenario the boss would've just accepted his logic and not given a raise.
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“So can I still take that raise boss?” “Haha, no”
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“Actually, I ran the numbers on this… and it actually makes more financial sense to gain money…” -Oscar Martinez
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"So when do I get that raise?" "Sorry you said no, I gave it to myself while we were talking"
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“Yes, but now you’re fired because you should know this”
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"I'll pass" "Ok buddy"
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38k a year is 18.27 an hour. The raise is 69 cents an hour.
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"We hired you as accountant. You are fired" The ending we deservedly
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he was then fired... because his job was at H&R Block
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If you didn’t understand the explanation, think of it like this: If you make $40,526 a year, then $40,525 of it would still be taxed at 12%. Only the dollar in the next bracket would be taxed at 22% Edit: Clarity
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"Please talk to a competent tax advisor not just a confident one"
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And even then, the standard deduction of $12950 means you'd only be taxed on $28,050 of your income.
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You explained this in 45 seconds and my dad gave me a 45 minute lecture about this in a car ride
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Whenever I try to explain this to somebody in a debate, they can't make sense of it because I could never put it into proper words. You made it sounds so simple, good job!
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If US citizens don't understand tax brackets it's on their education system and gov.
