- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Would you change jobs for $24K more per year?
Posted on 8/18/21 at 8:25 am to Kiner
Posted on 8/18/21 at 8:25 am to Kiner
quote:
68 to 92
Seriously? The only downside is slightly longer hours?
What the hell is wrong with people these days? How is this a question? If you can make a lateral move and increase your salary that much you are currently way under paid or extremely lazy.
Posted on 8/18/21 at 8:25 am to Kiner
quote:Only if the company were markedly more stable or if there were a geographical advantage.
No, but it's a lateral move.
$24k is ~$15k after taxes.
$15k/year really matters to some folks and mattered much more to me three decades ago.
Good luck OP.
Posted on 8/18/21 at 8:27 am to kciDAtaE
quote:
If you can make a lateral move and increase your salary that much you are currently way under paid or extremely lazy.
yep, the last 2 moves i made were for $9k increases. If another $9k increase opportunity presents itself, i'll consider it. Companies don't show loyalty any more. So, I don't either.
Posted on 8/18/21 at 9:01 am to dgnx6
quote:You're referring to the marginal tax rate as taxable income. Any increase in income increases taxable income if there's no other change in circumstance. So his taxable income will increase by $24K minus whatever pretax contributions he's making.
Depends on your filing status. Single you are looking at 2% increase in taxable income. And im guessing you can just stay living where you are.
Married would depend on how much your spouse makes currently and if your extra income would move yall up a tax bracket.
For example, if your wife made less than $12k a year, your extra income would give you a 10% increase in taxable income.
If she makes between 12k-79k your taxable income wont change.
Also, tax brackets are progressive. So, increasing his income into the 22% marginal bracket doesn't mean all of his income is taxed at 22%.
Posted on 8/18/21 at 9:22 am to dgnx6
quote:
Depends on your filing status. Single you are looking at 2% increase in taxable income. And im guessing you can just stay living where you are.
Married would depend on how much your spouse makes currently and if your extra income would move y'all up a tax bracket.
For example, if your wife made less than $12k a year, your extra income would give you a 10% increase in taxable income.
If she makes between 12k-79k your taxable income wont change.
I would do it.
lol this is not how tax brackets work... OP would not be charged 24% on the entirety of the 92k, just the portion of money from $80,205-$92000.
Here's an example for some of you that think it's ever a good idea to turn down increased income in lieu of more taxes...
In OP's case, he would be making 92k:
$0 to $9,951 would be tax free (0% bracket)
$9,951-$40,525 would be taxed at 12% : $40,525-$9,951=$30574; $30,574*.12= $3,668 taxes in this bracket
$40,526-$86,375 would be taxed at 22%: $86,375-$40,526=$45,849; $45,849*.22= $10,086 taxes in this bracket
$86,375-$92,000 would be taxed at 24%: $92,000-$86,375= $5,625; $5,625*.24= $1,350 taxes in this bracket
All for a grand total of $15,104 taxes on $92k
This is not the same as applying 24% to the entire 92k;
$92,000*.24= $22,080
Thank you for coming to today's tax lesson
Posted on 8/18/21 at 9:33 am to Kiner
thats a pretty decent bump, id say yeah.
This post was edited on 8/18/21 at 9:35 am
Posted on 8/18/21 at 9:40 am to Delacroix
quote:Exactly. People should never consider tax brackets when they are deciding between increases in salary or hourly pay.
Here's an example for some of you that think it's ever a good idea to turn down increased income in lieu of more taxes...
Posted on 8/18/21 at 9:55 am to saderade
quote:
Exactly. People should never consider tax brackets when they are deciding between increases in salary or hourly pay.
how about delayed gratification? friend of mines wife is in upper management with Amazon, she was a ground floor employee and accepted stock as part of her original compensation package
Posted on 8/18/21 at 10:05 am to Kiner
How far away from current job???
Posted on 8/18/21 at 11:01 am to Kiner
quote:
68 to 92
You would definitely feel the impact of that raise.
Posted on 8/18/21 at 11:08 am to Kiner
I would definitely take that but I am in a different situation than you i'm sure. My employer could give two shits about anyone that works here. I actually haven't seen him come into the office this year.
Posted on 8/18/21 at 11:33 am to Kiner
2k a month more regardless of current pay can provide a lot.
Posted on 8/18/21 at 11:50 am to Gravitiger
quote:
I can get some of the money back and work maybe 50 hours. Now it is very rare for me to work more than 40.
Just not sure that 10 hours extra is worth the money.
Current situation: know your co-workers, comfortable work environment, no stress, good relationship with boss, work around 40 hours per week Mon ~ Fri., weekends off, $68,000 / 2080 = $32.69 per hour
Lateral new job offer: more $$$, brand new employee, unknown stress level, possibly working on Saturdays and up to 50 hours per week, $92,000 / 2600 = $35.38 per hour.
The dollars, salary, taxes, and other financial numbers can be spun any way you want. If you're gonna be required to work on Saturdays (weekends) and up to 50 hours per week, your hourly pay increase works out to approximately $3.00 per hour. You gotta figure out how valuable is your time, currently enjoy having weekends off, will stress be a factor at new job, and job security with both employers.
Something else to consider from my own personal experience. Back in 1998 I worked for a small mom & pop privately owned business with 5 employees where it was laid back and everyone was family. Boss treated us to lunch 1-2 days per week, and I could ask off if needed. We had annual crawfish boils, BBQ's, and the company paid for a 3-day vacation at the beach. I thought the grass was greener on the other side of the fence. I chased the money and took a job with an international company that had 2,000+ employees. Basically "corporate America" as they knew where I was at all times, when I was on the computer, exactly how many hours I was working, and serious micro-management. After 9 months I had enough, and went back to working for a small business where I had less stress and didn't feel like "employee #54825". Pray about it and do what's right for your family. If you have young kids, weekends are always spent fishing, camping, sporting events, ball practice, etc...
Posted on 8/18/21 at 11:58 am to kciDAtaE
quote:
What the hell is wrong with people these days? How is this a question? If you can make a lateral move and increase your salary that much you are currently way under paid or extremely lazy.
They won't know how their new boss will be or what the work environment is like. I have a nice working from home option on account of my serious chronic illnesses and I'd be wary to take a similar job at a new company for a $25k increase if it meant losing my work at home option. I have good rapport with my superiors and the company supports me. I'd hate to leave that for so many unknowns purely for financial reasons.
Popular
Back to top
Follow TigerDroppings for LSU Football News