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What's with telling YEARLY salaries?
(lemmy.zip)
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this post was submitted on 01 Sep 2023
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It does actually, because if you are any amount into tax bracket n, you are already implicitly paying the maximum taxes of brackets 1 to n-1
For example in Canada, federal tax brackets are:
If I say I am in the third tax bracket, that already implicitly informs you of how much taxes I am paying for the first and second brackets, because by being in the third bracket I already am paying the maximum amount for brackets one and two. These are now fixed values implicitly.
If I am in the third tax bracket, you know I am paying at minimum $8003.85 + $10938.39 (the maximums of bracket 1 and 2 combined), and at most another $20,371 above that.
No more, no less, the "third tax bracket" is paying between $18,942.24 and $39,313.24 per year.
So yes, it is a specific and fixed "range" of taxes.