Etiquette for turning down job after accepting?

be honest with them. Tell them about the counteroffer and see what happens.

Say "sorry, my current job offered me a better deal. Thank you for the consideration, but I am going to be staying with them"

Pull out your weiner and twirl it around

I have only done it with internships but I just call them up, thank them for the opportunity, and say that unfortunately another option has come up that is best for me/my family. You don't wanna burn bridges and what not and usually I have been told (and it's been my experience) that they understand.

If that doesn't work then so be it. Gotta do what's best for you and in time they should understand I guess. But then again I am young and dumb.

Now you have more leverage , that's the point right

HR people understand there is competition for the best employees. Will not surprise them you got a counter offer and decided to stay. Just be professional and thank them for extending you the offer.

I read an article not long ago that said you should never accept a counter offer once you give notice. It shows disloyalty to both companies, and eventually you'll be out 2 jobs. I'll try to find it.

See how long you can work both jobs

What was the main deciding factor for wanting to leave your current employer in the first place?

If you were happy at that company but wanted some additional money, I would suggest staying put.

If you weren't happy at that company, I would definitely tell the new company that you received a counter offer and see if they would match it.

Life is too short to be miserable in a job. My current company pays a little less than my previous employer, but I am happier and have less stress. This led to a better home/family life which I am grateful.