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| *Loan,banking and credit>>>tax bracket |
Bonus puts me in new tax bracket? |
My husband and I just discovered that my $3000 bonus will put us into a new tax bracket that effectively forces us to pay $6000 more in taxes. What should I do? Refuse the bonus? Find some other deductions? how about getting a 401k at work? Or opening and IRA account? Put it in an IRA. And try to find all of the deductions you can. Ask them to give you gift cards or Visa/American Express cash instead of cash or a check. congratulations on the bonus. now stop thinkin like poor folks. take the money open an IRA for your self , fund it to the max, open one for your husband fund it to max. you can take 8000$ off your income. change CPAs if they think 3000$ increase in income will cost you 6000$ in taxes . you need new one. never refuse a bonus doing so will bite you in rears. never take gift cards (Kristy idea) still reported as income and have bad clauses in them. U of H Knocks It is impossible for a $3000 bonus to make you pay $6000 more in taxes. Can't happen That is not how US tax brackets work. Only the income in excess of the new tax bracket is taxed at the higher rate. income below the cutoff is still taxed at the lower rate. A $3000 bonus can't increase your taxes by $6000, unless your new tax bracket is 200%. |
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