Hello, I have a quick question. When you explained about progressive tax system, the example of taxable income was $47,000. When it breaks down to portion of income calculating, isn't it $11,000 *10% and then $36,000*12%? Since the tax bracket explains that 12% tax for income range is $11,000 to $44.725. If I am wrong, let me know. Thank you.
Thanks for the video, super clear! Only one question: arent’t there fixed amount to pay for each bracket? For example, for married couple I saw that tables report 0$ for the first bracket, 2320$ for the second bracket, 10852$ for the third, etc.
I still don’t understand why they have such a dramatic jump from 12% to 22%. Why doesn’t anybody else get a 10% increase 😭 I got a pay raise and it put me in the 22% bracket and like whyyyy. Its like i didn’t even get a raise with a jump like that
@@ChocoTulak The GOP doubled the child tax credit from $1,000 to $2,000, doubled the standard deduction so we paid less taxes and just recently back in 2017-2019 we had record unemployment which made workers more valuable. For the first time in a long time we could demand higher wages or easily find a job somewhere else with bigger bonuses.
Not everyone retires early from federal service. One thing you may want to cover in the future is adding sick leave to your years of service for retirement pay. You can gain 1-2 years of service over your career if you let your sick leave accrue.
I believe your explanation of the tax amount is wrong, they don’t start with 0 to 11,000 to pay the first round of taxes. If I make 80,000 I’m in the 22% bracket regardless than minus standard deduction and exemption
This sounds like you think your whole income would be taxed at 22%, which is incorrect. You are correct that there is a non taxable portion of your income, I believe the first 12k, then the brackets start.
I know that, not sure what your thinking, I make 100,000 85 percent of my income is taxed. After all exemptions and deductions I usually pay a total of 6 percent. At least trump will let no one pay a tax on the social security they get.
I guess my question is...how do you prove that this computation was correctly done by the goverment...it's not like they include an itemized receipt with your returns once they send it to you...Ho does one check for this accurate rates of taxation?
Well done! I like how you broke everything down into easy to understand parts. Great examples to help make your points clearer . Thanking for the short informative video. You have a new subscriber!
Damn.. I just did my calculations and I’m fucked. Single, no house, 150k projected to make in 2024 (currently at 70k YTD) and IRS says ima owe 26k ish after all on what my taxable income 😢 it really is true. Mo money mo problems 😅
Single people are getting ripped, what is your take on single people needing returns because of inflation can you expound on this because it’s like getting paid less because your spending more gas clothing and food and the rent has been terribly high for decades
these changes do not change anything for me, as I'm below the lowest Tax bracket, have 75K in the bank, pay no taxes Legally, and live like a king, own the house and cars, have no Debt, and I do not exsist to the IRS....LOL
This is a relief, next year I am filing single and I was worried about the small amount going over 12%brack, unless I get a massive raise, I will never hit it that 22%. I almost feel better about being poor 😅
My TAX REFUND will go to buy TESLA car. No question Tesla cars has solid reliability vs gas engine. At least a down payment for TESLA will save you a lot in in the long term. Saving big in gas, less maintenance in oil change and reliability is huge vs gas engine. Model 3 and Y are more sold cars
these changes do not change anything for me, as I'm below the lowest Tax bracket, have 75K in the bank, pay no taxes Legally, and live like a king, own the house and cars, have no Debt, and I do not exsist to the IRS....LOL
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What if I'm married and my wife doesn't work
Hello, I have a quick question. When you explained about progressive tax system, the example of taxable income was $47,000. When it breaks down to portion of income calculating, isn't it $11,000 *10% and then $36,000*12%? Since the tax bracket explains that 12% tax for income range is $11,000 to $44.725. If I am wrong, let me know. Thank you.
Great video. Thank you. It is so cool that i get this great info in just 11mins.
Glad to help!
Thanks for the video, super clear! Only one question: arent’t there fixed amount to pay for each bracket? For example, for married couple I saw that tables report 0$ for the first bracket, 2320$ for the second bracket, 10852$ for the third, etc.
Brilliant breakdown honestly I have a better understanding
Awesome video - I never understand how my tax accountant computed the final tax rate. To me it was like some big mystery, now I understand. Thanks!!!!
Glad to help! Help me share it
I still don’t understand why they have such a dramatic jump from 12% to 22%. Why doesn’t anybody else get a 10% increase 😭 I got a pay raise and it put me in the 22% bracket and like whyyyy. Its like i didn’t even get a raise with a jump like that
You can thank the democrat party for that.
Can you tell me what GOP party did good for middleclass last 50 years? I do not see any!
@@ChocoTulak The GOP doubled the child tax credit from $1,000 to $2,000, doubled the standard deduction so we paid less taxes and just recently back in 2017-2019 we had record unemployment which made workers more valuable. For the first time in a long time we could demand higher wages or easily find a job somewhere else with bigger bonuses.
You still have time to deposit money into deductible retirement account if on the edge of higher tax bracket.
Watch the video.
I get everything you say, but at last I didn’t understand how much do I get return after file tax or how much should I pay ? How to calculate that one
Great video! I think the only part you forgot to mention what's the Irma tax
Not everyone retires early from federal service. One thing you may want to cover in the future is adding sick leave to your years of service for retirement pay. You can gain 1-2 years of service over your career if you let your sick leave accrue.
I believe your explanation of the tax amount is wrong, they don’t start with 0 to 11,000 to pay the first round of taxes. If I make 80,000 I’m in the 22% bracket regardless than minus standard deduction and exemption
You are confusing the tax bracket with your effective tax rate which will be just over 13%
This sounds like you think your whole income would be taxed at 22%, which is incorrect. You are correct that there is a non taxable portion of your income, I believe the first 12k, then the brackets start.
I know that, not sure what your thinking, I make 100,000 85 percent of my income is taxed. After all exemptions and deductions I usually pay a total of 6 percent. At least trump will let no one pay a tax on the social security they get.
I guess my question is...how do you prove that this computation was correctly done by the goverment...it's not like they include an itemized receipt with your returns once they send it to you...Ho does one check for this accurate rates of taxation?
Thank you. After so many yeas I learn something new I had no idea how really works🙄🙄🙄🙄
Good info.
i'm gonna appear for the Regulation CPA exam in a month or so, this really helps. Thanks
Very helpful video - thanks!
Awesome!!
Can you show me the tax calculation if I want to convert my 401k from my previous plan to a Roth IRA?
Does this system apply to state taxation?
I was wondered why they have to make it so complicated for the average person to understand. Smh
Ok so based on you explanation I understand it all thanks for that. In addition using your numbers how much would the self employment be?
I’m over here enjoying your memes 😂 thank you for your support in giving us great content 👍🏾👍🏾
Heck yeah!!!
Hi,
Thanks for info. Question is how to save on taxes on gains from selling primary residence.
Great video
Well done! I like how you broke everything down into easy to understand parts. Great examples to help make your points clearer . Thanking for the short informative video. You have a new subscriber!
Damn.. I just did my calculations and I’m fucked.
Single, no house, 150k projected to make in 2024 (currently at 70k YTD) and IRS says ima owe 26k ish after all on what my taxable income 😢 it really is true. Mo money mo problems 😅
Weird humble brag trying to flex your income. You just pay more on the income specific to higher tax brackets, that’s it.
Any increase in the income range for Roth IRA contributions? TIA
Yes! I did a video on that:
th-cam.com/video/mF1EF9hk8kc/w-d-xo.html
Single people are getting ripped, what is your take on single people needing returns because of inflation can you expound on this because it’s like getting paid less because your spending more gas clothing and food and the rent has been terribly high for decades
Is this to pay 2023 taxes On 2024?
these changes do not change anything for me, as I'm below the lowest Tax bracket, have 75K in the bank, pay no taxes Legally, and live like a king, own the house and cars, have no Debt, and I do not exsist to the IRS....LOL
Soooo helpful
You know damn well this is too many numbers with little explanation
Well explain it deserves my 👍
👏👏👏
✌️
Thank you made sense
I want to know where you get the numbers from to add up your annual income? The 10% i get however the 12 and the 22% I don’t know.
Imagine in Poland it’s 12% and after 120k pln gross you pay 32%. Insane
Thank you
Very good video
Hey thank you!
My salary hasn't changed but my Fed tax increased 40% in 2024. Why??
It's a progressive tax, I get back less too.
It didn’t
It did go up in my case no raises no extra overtime I went from paying $ 300 to $ 1600 with no change to my life
@@mcgruff7355 Something doesn’t seem right Taxes do not work that way.
Invest the difference
I wish you could explain slower
This is a relief, next year I am filing single and I was worried about the small amount going over 12%brack, unless I get a massive raise, I will never hit it that 22%. I almost feel better about being poor 😅
My TAX REFUND will go to buy TESLA car. No question Tesla cars has solid reliability vs gas engine. At least a down payment for TESLA will save you a lot in in the long term. Saving big in gas, less maintenance in oil change and reliability is huge vs gas engine. Model 3 and Y are more sold cars
Lol this sounds great
Decent? Are you insane? 2.1 percent when inflation is way higher
Lol brah you know how many ppl are about to prove they are blind
We need Trump back
I wish you would speak a tad slower😂
I’ll work on it 😅
You can change the video to .75 speed so he'll talk slower for you... for me usually everyone talks to slow, so I speed them up to 1.25 or 1.5 lol
these changes do not change anything for me, as I'm below the lowest Tax bracket, have 75K in the bank, pay no taxes Legally, and live like a king, own the house and cars, have no Debt, and I do not exsist to the IRS....LOL