Hmmm... Not sure I follow the math. $110k income isn't taxed entirely at 22% in progressive tax system for married joint. No doubt contributing more into 401k would lower marginal tax rate, though.
@@TravisSickle at 6:00 you calculated $24,400 in taxes based on income of $110k, which is 22.18%. I don't believe this to be accurate. Initial $19,400 income is taxed at 12%, the next $59,550 taxed at 22%, and so on. Not figuring in standard deductions, I figured the taxes to be $22,881.
Absolutely, Loved the Video, Surely a couple of unique points compared to other youtube videos. Travis, I have 2 questions that seem pretty basic yet they confuse me and haven't had any other videos address it. 1> Firstly for Married filing jointly, is the Max 401k deductions: 38000 or is the 19000 for the couple. I'm assuming its 38k but have never heard anyone mention this number. 2> With regards to 401k deduction phase-out: if the total income is over 123000 does that mean even if I contributed 10k in 401k would I still be taxed like I was earning 123k instead of 113k, if so would it makes sense to only invest in Roth 401k instead of traditional one at that point. Thanks in adavnce
Great Video. Thank you for posting.
Thanks for watching!
Great explanation. Thank you!
Victor Cruz thanks so much for watching!
Thank you for this video. I'm learning so much. You're the best!
Thank you!! I actually made a formula when i figured it out and you went in that order.
Watching awesome! Thanks for watching.
Hmmm... Not sure I follow the math. $110k income isn't taxed entirely at 22% in progressive tax system for married joint. No doubt contributing more into 401k would lower marginal tax rate, though.
Which math?
@@TravisSickle at 6:00 you calculated $24,400 in taxes based on income of $110k, which is 22.18%. I don't believe this to be accurate. Initial $19,400 income is taxed at 12%, the next $59,550 taxed at 22%, and so on. Not figuring in standard deductions, I figured the taxes to be $22,881.
Mild Sriracha no no, that’s the standard deduction, not taxes.
@@TravisSickle ah, that makes sense
Absolutely, Loved the Video, Surely a couple of unique points compared to other youtube videos. Travis, I have 2 questions that seem pretty basic yet they confuse me and haven't had any other videos address it. 1> Firstly for Married filing jointly, is the Max 401k deductions: 38000 or is the 19000 for the couple. I'm assuming its 38k but have never heard anyone mention this number. 2> With regards to 401k deduction phase-out: if the total income is over 123000 does that mean even if I contributed 10k in 401k would I still be taxed like I was earning 123k instead of 113k, if so would it makes sense to only invest in Roth 401k instead of traditional one at that point. Thanks in adavnce
19,000 each. No income limits into the 401k, the income limits are for IRAs.
@@TravisSickle thank you, appreciate it.
@@TravisSickle out of curiosity what is the 103k to 123k phase out. Once again thank you for the response.
I’m not sure I understand the question. Which filing status? Married Filing Jointly
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