I'm fucked. Someone who makes less that me will actually end up bring home a lot more now. There is going to by a place between 100K and about $140 where it will make no sense to be.
A hundred k where I am is vastly different than 100k somewhere else, just like 600 bucks a week is a lot more money in some parts of the country than others.
Anyone know if 100K is family or individual?
I'm fucked. Someone who makes less that me will actually end up bring home a lot more now. There is going to by a place between 100K and about $140 where it will make no sense to be.
Is it marginal rate or cliff? If marginal that is huge for people in our bracket.
It's certainly going to be marginal, it'd be unthinkable to do "you're one penny over so now you owe ALL OF IT".
A hundred k where I am is vastly different than 100k somewhere else, just like 600 bucks a week is a lot more money in some parts of the country than others.
That's not the point I'm making. It's about where the taxes cut in and what that means when you cross the threshold.
No, I'm in the same boat. I make just over 100k, but believe me; I'm not rich. I make what I do bc of the cost of living where I am.
Medicare and SS withholding are based on the individual.