IRS Tax Brackets Are Increasing - Find Out How Much You'll Pay In 2024
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- เผยแพร่เมื่อ 9 พ.ค. 2024
- In this video, I dive into the newly released 2024 tax brackets, comparing them with 2023's to show you exactly how much you'll save. Using a custom-built calculator, I demonstrate the differences in taxes at various income levels, debunking myths about the impact of inflation-adjusted tax brackets. I'll also guide you through the essentials of tax credits and deductions, including real examples like the child tax credit and 401K contributions. Plus, I introduce the IRS Form W4 online estimator, a powerful tool to help you identify potential tax savings. Whether you're planning for retirement, running a small business, or just seeking ways to optimize your taxes, this video is packed with valuable insights to aid your financial journey.
0:00 Intro
0:39 2024 Tax Brackets
1:45 2023 Vs 2024 Tax Brackets
2:33 Tax Brackets Illustrated
3:33 Tax Bracket Chart for ALL income levels
4:00 Tax Credits and Tax Deductions Explained
5:35 List of Tax Credits and Tax Deductions
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*Channel Members* Tax Brackets and Google Sheet are on the Discord Channel...free for Channel Members th-cam.com/channels/LoIaI_vPPWX47TamcxtP_A.htmljoin
Hi is this excel spreadsheet available for use or it’s just something you created for yourself. It makes calculations so simple! Great job!
Hey Travis .. I did the online calculation for 2024.. married/ jointly.. I see the first w4 said no change.. second w4 said to add 6117 on 4A and 401 on 4C.. can this be split between both w4's instead of the higher income w4??
How do I calculate my federal 2023 taxes filing single, if, for example, my social security income is about $28,000 and mandatory minimum withdrawal is approximately $22,000 and all dividends and income were rolled back into the IRA?
Awesome video and calculator
👊
The tax calculators on google are so bogus. TYSM FOR THE VIDEO TRAVIS!!!
How does this change when you are married filing separately?
Thank you for the video - it's awesome. I have an unrelated question /ask though! Can you please educate how to open & manage stock trading account for minors? My intent is to deposit say $5000 in S&P500 fund for my 8 year old and let it grow for 15-20 years for them to use in Adult life. Appreciate it, if you can make a video on the same, including Pros and Cons. Thank you!
I have a question? What if you file jointly but you make more than your spouse this year?
What’s the question?
If you're over 65...isn't your standard deduction a bit higher? Thanks!
yes, I just cover the basics here. Most subscribers aren't that age range.
I’m single with 1 child. 1 job. No federal tax is taken out of my paycheck. I’m trying to fix this asap. I do the IRS estimator and it still tells me I owe nothing. I’m not sure what I am doing wrong.
It’s the same reason I am here. I noticed that no federal income taxes were taken from my paycheck as opposed to previous years.
Thanks for the video. I did the calculator in the IRS website, to try to get my tax refund to zero as I'd be receiving a large estimated refund. It told me to put money into the other income of w4. Well....wouldn't that mean the IRS gets more of my money during the year on income I didn't actually get? Like yeah....my refund will be zero, but I'll have paid taxes on income I didn't make?
Not putting you down i do like what you have done but i was already seeing the increase for all of 2023 working year. @14.7% filing single with 45k/year gross income.
huh?
@TravisSickle I live in Florida so idk if that has anything to do with it or not. But that's what's been calculated
No way 14.7% with 45000- the standard deduction
@@robcooper3171 I'm in Florida. I just don't understand what you're saying in your original comment. Are you saying my math is wrong?
@@g.t.richardson6311 what are you talking about? I don't understand your comment.
I don’t use discord. Why not share the calculator with your TH-cam subscribers also?
It’s shared with TH-cam Channel Members as well.
@@TravisSickle I’m a subscriber, don’t see where to access the google documents.
@bojangles_bonjangles8000 for channel memebers there is a link in the description to discord.
@@TravisSickle @bojangles_bonjangles8000
I think the confusion is between channel members (paid) vs channel subscribers. I assumed that being a subscriber would give one access to this spreadsheet as well, but found out that you have to pay to be a member.
I joined the discord. But, all channels are locked. So can't download or send a message to any of your channels.
Certainly could not get to the Google sheet.
😮😮😮
😎
Do the taxes withheld from a paycheck for social security and medicare count as federal withholdings?
No