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How’s it going everybody this is beat the bush today i’m going to talk about how talking about something or simply knowing about a certain subject will actually reveal your income now there are various pros and cons of revealing your income and generally if everyone reveals their income is actually better for the worker however if you’re in most companies most
People do not know each other salary and if you were to volunteer your salary to other people some people might get mad at you some people might take this information and take advantage of it for example if you have a higher salary than they expect and they do a similar job than you do then you might just go to their boss and quote your salary as a reason why they
Should get a higher salary and in turn maybe they might get a higher salary or they might come back to you and possibly not give you that niks pay raise because everyone already knows that you get paid too much generally it’s actually good to share your income if everyone in a large group would share it all together this actually promotes a fair income given the
Job that you do rather than sort of your negotiation skills so with si regarding – if you should reveal your salary or not or if a company should just post everyone salary i’m gonna skip over this and just talk about what you can say that might actually reveal your income because if you are on the camp that everyone has their income hidden you might want to hide
Your personal income – and in doing so you probably don’t want to talk about certain things that would sort of give away a ballpark figure of what your income is so here we go the first thing that can reveal your income is if you talk about contributing to a roth ira as a single person your income can reach a 124k before contribution to your roth ira starts to phase
Out at 139 k you can no longer contribute to a roth ira so if someone at the lunch table just suddenly says yeah i can’t contribute to a roth ira i just can’t then that automatically means they make at least 134 k so sometimes you don’t want to tell people that you’re making more than 134 k this is sort of a sensitive subject and if you’re around people that make
A lot less maybe 80 k 50 k or something then they suddenly know oh my gosh you make 134 k why don’t you pay for everything when we go out to movies or something or lunch you know hey you make so much you shouldn’t care too much about saving money bringing lunch to work why don’t you just you know just buy lunch you know they’re gonna have all these views on how
You should spend your money so keeping this a secret when everyone else has a secret is probably a good thing if you are married the combined income limits is 196 k when it starts to phase out and when it reaches 206 k you cannot contribute to a roth ira at all so based on your marital status you can actually kind of back calculate how much people actually earn if
You know they contribute to a roth ira at that particular year then you know how much they made on the ballpark you can know if they made more than a certain amount or less than a certain amount the second thing that you can talk about that will give away your income slightly is if you actually obtain a cv rp rebate now this is the clean vehicle rebate project the
Income limits on this is gross income for the single filer is 150 k so in the silicon valley if you are an engineer or something you might make more than 150 k if you’re a software engineer or whatever then if you’re at the lunch table and then you know casually mention oh yeah you know if you buy an electric vehicle you can get federal rebate you can get the cvr
P and if you mentioned that you personally got the cvr p you automatically he just said oh i made less than 150 k or if you say oh i don’t get the cvr p then you automatically said you made more than 150 k which might be a very sensitive topic here if everyone’s salary is around that much you know maybe one person makes 130 k and then you personally make 150 k for
The same exact position same level and everything and they suddenly know oh why do you make 20 k more why is it that we do the exact same thing we’re on the same team we do the project at the same exact speed and etc etc so this is something to watch out for if you’re at the lunch table and you don’t want to talk about cbr p rebates the third thing that you don’t
Want to talk about is social security taxes now i personally witness a lot of people comment saying that oldest months hey check it got bigger because you no longer have to pay a social security tax so when someone says this you can almost get to a very very specific salary range because you know maybe it’s a to pay check every single month that you get and let’s
Say at the beginning of november they you know blurted it out accidentally and say oh did you notice this month’s pay check it got a little bit bigger i have no idea why so if they have no idea why they didn’t even know that it was the social security that just completely went away they no longer have to pay the 6.2 percent but social security tax stops after you
Earn more than one hundred thirty seven thousand and seven hundred dollars for twenty twenty if at the beginning of november you happen to say oh my paycheck got bigger you automatically just said in the first ten months you made one hundred thirty seven thousand and seven hundred dollars and then you can kind of extrapolate right first ten months divide that by ten
And then times two more so in the whole year you’re making probably something like 153 k so the timing at which you muttered this statement at the lunch table matters and if you know about it it also matters because generally for people that make a lot less maybe 60 k they might not know that this even exists right if you make 60 k or something and you contribute to
A roth ira you might not even look at the income limits because you know those things are really far ahead but if you know about it even then that might give some things away another thing you want to watch out for to not give away your income is when you max out your 401 k now this largely depends on the rules on your company 401 k some companies they might top out
Your max contribution the max you can ever do is let’s say 10% or something so if you say you maxed out your 401 k at a certain time of the year right there you already very very well define how much income that you make many places that i personally work for i know one of them they allow you to contribute up to 50 percent so in that case you might be able to max
It out very very quickly in the year however if you say you max it out let’s say in march and the maximum contribution for 2020 is 19 thousand and five hundred dollars let’s say you max it out in the first two months okay and then sometime in march before the first paycheck you say oh yeah you know i already maxed out you know my 401k you’re like trying to brag a
Little bit or something so right off top you know the company contribution limit is fifty percent and you probably assume that they max it out right they contributed as much as they can so it’s 50 percent so essentially they made 19 thousand five hundred dollars that’s fifty percent of their income you multiply this by two so you can kind of guess that every single
Month they made 19 thousand five hundred dollars it’s called this twenty thousand dollars so for the full year their salary is $240,000 just from deduction basically now it’s not all the time where you can make this deduction because sometimes people could change the amount that they contribute so if they change the amount that they contribute throughout the year
And then they just sort of mention it maybe in november or december that they max it out sometimes there’s a little bit of guesswork going on because sometimes your company may only match you let’s say it’s a three percent match right they will only match you on a per month basis let’s say your company only matches up to three percent every pay period so it would
Not be advisable for someone to just front-load all this and try to max out their 401k early in the year because later on in the year they can’t max it up so what someone could do if they want to just front-load it anyway they might put as much as they can and leave a little bit left over so that they can put a very high percentage the first two months and then
They can reduce it just to claim the rest of the three percent matching the rest of the year so because of this there’s a little bit of trickery going on and there’s a little bit of guesswork so overall all of this really depends on the rules of your 401k program so whenever you order something you really have to be very very careful or you can just choose not to
Say anything about your 401k at all now let’s say you had a few drinks and you accidentally muttered something and you know someone kind of noticed and they say oh does this mean that you know you make over so so and so amount and then you realize oh my gosh i slip something then what you can do is couple of things you could say oh you know i’m not too sure maybe
I made a mistake in my calculations or if you contribute to a roth account and you don’t want to let people know that you make less than one hundred thirty nine thousand dollars then you might go oh i don’t i didn’t even know there’s this income limit i’ll have to check it out and see you know if i’m eligible if you say this and you you can just kind of play dumb
There’s like a little bit of leeway you know but a lot of times if you let slip you know a lot people kind of know that you did it by accident and you can kind of infer that people made a slip with whatever they said so it’s probably better that you don’t slip at all so that you don’t give away your you know a good range of your income because you know just saying
That it’s more or less than these ranges it’s very telling depending on the industry that you’re working thanks for watching this video everybody i hope this was kind of enlightening and you know iii know a lot of people let slip these little pieces of information and i think it needs to be the type that would be very on top of this stuff very on top of the cvr p
Repay on top of the roth ira the 401k contribution and you know there’s always people like that at a company where you know just because of these little bits of information they can just kind of gather what incomes that you make and hopefully this video will help you you know shield yourself from letting other people know your income when you’re not ready to tell
Them yeah thanks for watching this video don’t forget to give me a like comment down below let me know if these tips helped you and if you find this interesting and as always don’t forget to press the subscribe button and ring that bell icon thanks for watching oh i don’t know i haven’t talked about this audible link yet but you know for a long time i haven’t
Promoted this audible thing yet but if you guys are interested in an audible book you can sign up for this get a free audiobook and you can help support this channel thanks for watching
Transcribed from video
Talking about THIS will Reveal Your Income By BeatTheBush
