Are you nervous about taking a raise because it might push you into a higher tax bracket? 😅 Don’t be! While it’s true that you’ll pay a higher tax rate on some of your income, you’ll still end up with more money in your pocket overall💸
Here’s the 2023 tax table to help you understand:
For single filers:
If your taxable income is $40,000, your federal income tax is $4,580 (11.45% tax rate).
If your taxable income is $50,000, your federal income tax is $7,407.5 (14.82% tax rate).
As you can see, taking a $10,000 raise puts you in a higher tax bracket, but you still end up with $7,172.5 more in your pocket each year. So go ahead and take that raise - you deserve it! 💰💼
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