Re:What Is Your Time Worth?
by owenversteeg on Friday December 11, 2020 @12:46AM
(#25382738)
Putting a few concrete examples here to help people really get this:
- Single adult earning $52k a year in NYC makes an extra $1k. -Only- considering taxes, that extra $1000 is actually an extra $603.
- Single adult earning $52k a year in Idaho makes an extra $1000, after taxes that's an extra $634.
- Single adult working in NYC making 220k a year makes an extra $1k, that becomes $523 after taxes.
- Now let's factor in benefits: Single parent of 2 children in America, earning nearly anywhere between $20k and $40k: earning an extra $1000 will earn them somewhere between $100 and -$500 after taxes and benefits. Yes, that's right, you can earn $1000 extra and end up with _less_ money in your pocket! If you're wondering how, take a look at the Atlanta Fed's page on the benefits cliff.
- Single adult earning $52k a year in NYC makes an extra $1k. -Only- considering taxes, that extra $1000 is actually an extra $603.
- Single adult earning $52k a year in Idaho makes an extra $1000, after taxes that's an extra $634.
- Single adult working in NYC making 220k a year makes an extra $1k, that becomes $523 after taxes.
- Now let's factor in benefits: Single parent of 2 children in America, earning nearly anywhere between $20k and $40k: earning an extra $1000 will earn them somewhere between $100 and -$500 after taxes and benefits. Yes, that's right, you can earn $1000 extra and end up with _less_ money in your pocket! If you're wondering how, take a look at the Atlanta Fed's page on the benefits cliff.