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unblock

(52,196 posts)
1. Congrats!
Wed Jan 8, 2020, 06:59 PM
Jan 2020

Consult a proper tax advisor

But generally, only the incremental income is taxed at the 24% rate (actually done of it will be taxed at the 22% rate until you reach the max for that bracket)

The old $73k will still be taxed the same as it always was.

So assuming you were at the top of the 22% bracket, the extra tax would be $4,320.

So just compare that to the amount they withheld to determine the additional tax or refund come April.


Note that some cases are more complicated, for instance if you itemize and extra income puts you in a range where deductions are phased out, that can mean a higher effective tax rate.

Tax question. [View all] 3Hotdogs Jan 2020 OP
Congrats! unblock Jan 2020 #1
They took out $4,538 3Hotdogs Jan 2020 #2
Assuming you're single and take the standard deduction progree Jan 2020 #3
Latest Discussions»Culture Forums»Personal Finance and Investing»Tax question.»Reply #1