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@borismusheyevcpa
Hey Everyone, Boris here. Make sure you check out these links.
🆓 Download FREE PDF: 7 Write-Offs Every S-Corporation Business Owner MUST Know: https://bit.ly/download7TaxWriteOffs
☎️ Schedule your FREE Tax Advisory Session – https://www.TaxPlanningCall.com
👉 Make sure you SUBSCRIBE so you do not miss out on future tax-saving tips and strategies – https://bit.ly/3AXHUtM
@ericb314
You never end with less money by earning more money (and thus paying more taxes). If you earn more money you will always end up with more money after taxes. I'm not sure if it's the same in the US, but in Norway where I'm from, the progressive tax is only applied on the money earned within that tax bracket.
The tax brackets in Norway for just the progressive tax is:
0 USD – 20,705 USD: 0.0%
20,705 – 29,146 USD: 1.7%
29,146 – 66,388 USD: 4.0%
66,388 – 89,754 USD: 13.7%
89,754 – 134,356 USD: 16.7%
134,356 USD ++: 17.7%
So if you earn say 134,355 USD you would pay:
0.0% of the first 20,705 USD +
1.7% of the (29,146 minus 20,705) +
….
If you earned 150.000 USD you would earn the same amount of money PLUS the extra 15,645 USD taxed at 17.7%.