The most important thing is will the new job move you closer to the Motherland and the ability to see Hoiball live?
If so: job, salary, and family don't matter.
If so: job, salary, and family don't matter.
Changing Jobs?
- Thread starter nhclone
- Start date
The tax thing doesn't make much sense. It's not like all of your income gets taxed at a higher bracket when you get a raise.
Here is something you might try:
For one day (typically a weekend day) pretend in your head you've picked the new job and have no regrets. No more questions because you've already accepted it. How does that make you feel? Now do the same thing but you've turned down the job? Are you happier knowing you'll have higher salary? Which one makes you feel better?
For one day (typically a weekend day) pretend in your head you've picked the new job and have no regrets. No more questions because you've already accepted it. How does that make you feel? Now do the same thing but you've turned down the job? Are you happier knowing you'll have higher salary? Which one makes you feel better?
Bingo. Your tax liability would only go up but your take home will go up substantially more.
Assuming single status and no exemptions with the standard deduction your tax liability at $65,000 would be $9,568.75.
Assuming the same at $91,000 it would be $16,068.75.
$26,000 pay increase to pay $6,500 extra in federal taxes is a pretty decent deal.
Assuming state tax is about a third of federal you'd still take home an extra $1,500/month before any retirement contributions or other things of that nature...
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No, but everyone in that bracket has a fixed amount that they're liable for, in addition to the percentage. E.g., at $65k, I was liable for something like $5k + 25% of my salary above $35k...at $91k, I was liable for around $19k + 30% of my salary above $85k. The $14k increase in my fixed "base" liability was nearly half of the increase in my salary.
Of course, yes, my take home pay increased, but it wasn't by the leaps and bounds I'd imagined because of the higher tax liability.
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A related question.
Say you don't like your job. Your coworkers are great and your boss is great but the work stinks and you dread going to work every day. Would you take a job that paid the same as you make now but more expensive insurance and no guaranteed raises each year?
Basically I've had the opportunity to move back to Ames for another company doing something I like but the salary is the same but the benefits are worse. I dislike much of my job and frankly am bored with it because there is no future. Thoughts?
Say you don't like your job. Your coworkers are great and your boss is great but the work stinks and you dread going to work every day. Would you take a job that paid the same as you make now but more expensive insurance and no guaranteed raises each year?
Basically I've had the opportunity to move back to Ames for another company doing something I like but the salary is the same but the benefits are worse. I dislike much of my job and frankly am bored with it because there is no future. Thoughts?
Marginal tax brackets. That $19K is what the marginal tax bracket works out to if you were to take the $5K + 25% up to $85K. Just a shortcut is all it is.
In my limited experience, here's what I've found: Those people who you get along with and companies that are generally easy to work for will pay you in time. I took a pay cut to leave a job I hated. The scenario was very similar to yours, in fact. I'm making more now than I would be there especially if you were to break it down to per hour. If I were you, I'd take it.
and don't underestimate how great it is to work with people you like. And knowing there is stability to the company/your location.
Life is more than the money you make. Don't miss out on what's important just to make a few extra dollars.
Are we being trolled again? I thought the younger generations were supposed to be risk taking job hoppers and this thread sounds like a conversation my parents generation might have had. I get staying put during some of the recession uncertainty but staying in a dead end or bad job environment just makes no sense unless you're up to your eyeballs in debt and a change would risk family finances...otherwise leave! move! change!
The effective rate is still higher when you move into a higher income bracket. It's dated information, but the same progressive tax structure is still in place:
Plus, the guy could be moving to a different state, which will have entirely different sets of tax laws. My point is that anyone who's considering a decision like this ought to look at how their tax liability will be impacted.
