I just got a new job and increased my salary by about 37%. But when i got paid I noticed that I am being paid almost the same amount as before. Literally there is barely a difference, because I moved into a higher tax bracket. I have tripled checked this with my accountant and he was like 'that is just NYC. Taxes went up, your bracket went up'. fuuuuuck.
Yep. Taxes will likely increase even more in the next year or 2
it's insane! I am gonna have to move.
Please explain how a ”new tax bracket” is eating up your 37% gross pay increase. That sounds...not likely
Eta the difference between the highest and lowest NYC tax brackets is less than 5%
Likely just a withholding bracket. She'll get a larger refund likely.
Well, she’s got a terrible accountant if he didn’t explain that to her
or, she’s trolling.
@anonymous not trolling - I went from taxed at 34% of gross monthly to somehow 45% once you factor in all the things. Actually accountant had filled out extra withholding and had me taxed at 55% but i was earning LESS than before so I changed it. He assumed dh would be working this year but so far that is not happening. Granted I am horrible at understanding tax but holy fuck
This post makes no sense. Unless your tax bracket is 100%, you should still be seeing an increase. It also makes no sense your accountant would blame NYC for this unless you moved here for the job.