Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
When I did a small etsy business on the side, and was doing decently, by the time they took out taxes based off my husband's income plus fees, it wasn't worth it. My husband had me shut it down as it complicated things. We aren't even "high" income.
We had the same experience. I was a new SAHM to 2 under 4. Literally part of my therapy for depression and anxiety was to secure a p/t job - my therapist helped me work out a plan to have something to get outside of my house. Through a friend, I got a merchandising job doing product inventory and display set up. It was stress-free and the perfect fit at the time for me. I think I made just about then minimum wage and got a monthly paycheck that might have been $400. Did this for one year and learned that this tiny bump in income put us into a higher tax bracket! I lost so much in taxes! Also had to quit and ended up doing volunteer work.
I'm curious about this. Does getting a raise at a full time job of $400 a month have the same effect on your tax bracket? I've never heard of anyone turning down a raise because it puts them in a different tax bracket. Not doubting the math or the PP's decisions to quit - just genuinely confused by this.
I'm a PP who stays at home and does some freelancing on Upwork - this past year my earnings were about $6k. We've never considered whether it puts us into a different tax bracket. I'm not really doing it for money, though. I mean, if I make $6k and it puts us in a different tax bracket, are we paying more than that $6k in additional taxes? (Sorry if that's a dumb question...).
For me, I do it for fun, and I'm hoping when my kids are in school I can do it more hours and make more money. If I didn't have my Upwork jobs, I would probably do some kind of hobby that I would spend money on, anyway.