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| Topic | Who here lives paycheck to paycheck and is barely surviving? |
| emblem-man 10/03/23 7:24:40 PM #68: | Payzmaykr posted...
Its rough, but I think Im a little bit better off than average. I stay out of debt, but I really dont bankroll much with the cost of living. My current issue is having trouble figuring out a way to move into a higher income bracket, but I understand the IRS would just put me in a higher tax bracket. I also have to live with roommates and really cant save up quickly enough to buy a home any time soon because rent is high. Please do not ever consider limiting your income because of an incorrect notion of how tax brackets work. Going to a higher tax bracket just means every dollar above that bracket is now taxed at that percentage. If the tax above 10k is 30% and it's 25% below 10k, it just means that if you make 10,005, that $5 is now taxed at 30% instead of 25%. All the money below 10k is still taxed at 25%. You will never lose money from making a higher income* *Caveat being stupid income cliff stuff that happens for those who use various welfare benefits --- http://avatar.xboxlive.com/avatar/emblem%20boy/avatar-body.png haters gonna hate ... Copied to Clipboard! |
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