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Started By
Message
re: Tax brackets, standard deduction get 7% increase for 2023
Posted on 10/19/22 at 3:54 pm to tterrific
Posted on 10/19/22 at 3:54 pm to tterrific
quote:
I don't get this. Tax brackets are progressive. You only pay the higher rate on the amount over the threshold. If the threshold rises it only erases the small amount you paid over the prior threshold. It doesnt change the bracket for your entire income.
So many people don't get this. I can't tell you how many times I've heard some dumbass say "That raise would put me in a higher tax bracket and cost me more money than the raise."
No. It will not.
This post was edited on 10/19/22 at 3:56 pm
0
Posted on 10/19/22 at 3:55 pm to PhillyTiger90
quote:
So a household income of $350K only pays 2% more taxes than a $120K?
frick Biden and the assholes who “mail in voted” for this tPOS
The 22 percent and 24 percent rate brackets are both pretty wide.
They are paying a 2 percent higher rate on some of their higher income.
And those tax rates were set by... wait for it.. TRUMP
Posted on 10/19/22 at 3:55 pm to LSUFanHouston
quote:
Acting like people are wrong, when the accuser is indeed the one wrong... is another.
yeah, that's not me. i admittedly don't know. that's why i asked.
but, sometimes i forget where i'm asking.
carry on
Posted on 10/19/22 at 3:56 pm to PhillyTiger90
quote:
So a household income of $350K only pays 2% more taxes than a $120K?
?????
quote:
frick Biden and the assholes who “mail in voted” for this tPOS
None of this has anything to do with biden lol
Posted on 10/19/22 at 3:56 pm to MorbidTheClown
quote:
yeah, that's not me.
Fair enough.
Soemtimes it's hard to tell on a message board.
Posted on 10/19/22 at 3:58 pm to PhillyTiger90
quote:
So a household income of $350K only pays 2% more taxes than a $120K?
Sure. If you're unable to calculate effective tax rates
Posted on 10/19/22 at 4:00 pm to MorbidTheClown
quote:
did you start the thread just to piss on people asking questions?
I’m trying to answer any question that’s been asked, as have others.
I’m laughing at the people who are mad at Biden because they don’t understand tax brackets.
ETA- I literally answered your specific question with the exact dollars.
This post was edited on 10/19/22 at 4:02 pm
Posted on 10/19/22 at 4:06 pm to slackster
quote:
ETA- I literally answered your specific question with the exact dollars.
you did. i was just trying to figure out how you got there.
like i said. sometimes i forget "where" i'm asking.
Posted on 10/19/22 at 4:09 pm to East Coast Band
April 2024, these are the brackets for 2023.
Posted on 10/19/22 at 4:10 pm to slackster
This thread shows the average OT’er is a financial retard.
Posted on 10/19/22 at 4:22 pm to MorbidTheClown
so I'm still at 24%. woopdee doo.
Posted on 10/19/22 at 4:25 pm to Salmon
quote:
all tax brackets jumped by 7% meaning people that are close to the threshold will pay less taxes due to them paying less in the higher bracket than before also if you are like the average person and use the standard deduction, you will be able to deduct more money
To those who don’t understand, due to inflation the range of incomes under each bracket increased by 7%. So some people in the previous 24% are now in 22%
And standard deduction increased. This is basically a small tax break for people
Posted on 10/19/22 at 4:28 pm to MorbidTheClown
quote:
you did. i was just trying to figure out how you got there.
You don’t pay taxes on $1,800 more dollars because of the standard deduction increase.
You pay 10% taxes on the first $22k after that, instead of the first $20,550 right now. You pay 12% on the next $67,450 instead of the next $63k like you do right now. Finally, you pay 22% on the next $101,300 instead of the next $94,600 like you do right now.
Hope that helps make sense of it.
Posted on 10/19/22 at 4:31 pm to Tortious
quote:
Great now I'm at 37%
Only now? Lol u poor.
Posted on 10/19/22 at 4:34 pm to Eurocat
quote:
Plus the deduction now is going to be huge for a married couple. Almost 30k. Earn 100k, but pay taxes on only 70k. For many people this is going to mean a HUGE tax CUT.
This won’t be a huge cut for anyone, but it’s nice. The couple in your example will save $245 with this change.
However, it is pretty nice to know that you can earn up to $117,150 as a couple and still be in the 12% bracket.
Posted on 10/19/22 at 4:34 pm to S1C EM
quote:
You also said the standard deduction increased as well. What are we missing here?
It's called .. "The Next Round of Buying Votes"
Posted on 10/19/22 at 4:39 pm to slackster
quote:
Bottom line is if your income stays the same, you’ll pay less in taxes in 2023 than you did in 2022.
Generally
I think some EIC extension expires this year? Moves the line down for some people.
Posted on 10/19/22 at 4:41 pm to Pettifogger
quote:
Standard deduction is nothing, but high wage earners on the edges of these brackets could slip down one and get rare chunk of their money back from Uncle Sam.
This is worded funny, but you’re right.
They may not get a “refund” if their payroll withholding is updated and accurate, but they’ll pay less in taxes. If they’re still in the 32% tax bracket, they can expect a savings of about $2000 in taxes from these adjustments.
Posted on 10/19/22 at 4:42 pm to fightin tigers
quote:
I think some EIC extension expires this year? Moves the line down for some people.
Good catch. I’m sure the OTers with EIC would love to chime in…
Posted on 10/19/22 at 5:23 pm to TH03
quote:
so I'm still at 24%. woopdee doo.
No you are not. Not one person has a flat tax rate. You might top out at 24% but that’s very different than what you said. People need to educate themselves on taxes.
This post was edited on 10/19/22 at 5:26 pm
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