since we identified that the tax is above the second income bracket, why did you need to use 25% of 15000 to get 3750 as opposed to using 25% of 20000? (9:40)
You have to find out how much money lies within that third bracket, so you find the difference between 35,000 and 20,000 which gives us 15,000. We don’t use the upper or lower limits in the questions where the difference between the upper and lower limits in each bracket is not constant, like in this question.
@@ambermir4020 because in the 3rd tax bracket the difference between the highest and lowest figure is 15000 so you must calculate 25 percent of that in order to get the tax for that bracket
i had the same doubt- i realised that the second bracket is a total paid(INCLUDING the 1200 and the value for second bracket which makes 4125) - cos if u work out the second bracket it isnt 4125 its acc a lower number so they have added the 1200 also for u...
thats what i thought!! cos we had to for the first q example when doing a normal tax question...for the reversed tax q we had to just use only the bracket above
@@thurgasivaruban2511 I think its because its a cumulative frequency tax table. So the second bracket includes the value of the first bracket added to the value of the second bracket, which is the value shown on the table x
Hi there, yes Daniel is the main teacher for the UCAT course! These are new tutorials we have launched for 2020, and Daniel covers all of VR, DM and QR, as well as a couple of sessions in AR and SJT. Alongside our other teachers Mohil (founder), Kunal (founder) and Maddi (SJT). If you purchase, you also get access to weekly webinars on Zoom run by Daniel
Hi I have a question, why did you divide 7425 by 48000 to get Marie's monthly income percentage? Like why is this the method for finding monthly income %? 15:48
i think it’s just quicker than diving the annual tax by 12 (to get monthly) and then divide by monthly taxable income of £4000 ie. 7425/48000 = 15.5% is quicker than 7425 / 12 = £618.75 a month, then divide that by £4000 monthly income = 15% the calculator on screen can slow you down so it’s just better to find faster calculation methods x
Great video thank you so much but I'm confused at 15:36 why didn't you add on 1200 from the first tax bracket? Please someone help my exam is soon!! thanks!
Hi , thank you very much for the video! Please at (12.30 ) I am quite confused. Why is the answer not option E -32, 000 instead of option D 31,500 since 31,600 can be rounded to 32,000?
hey, i have a question at 10:03 you mention that adding together the taxable amount for all three brackets gets you over 5400, which is why the salary earned must lie in the third bracket however at 18:00 you mention that the individual is in the 4th tax bracket based on the amount of tax he pays, however if you add up the tax brackets as you did in the other question, using that method he would lay in the third bracket as the total would come to more than 10,000. could you please help me out? am i looking at the question wrong?
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more of this person please! he's really good at explaining and does it with a smile on his face
Ye this guys the goat of medic mind
I would just skip these questions in the exam
This guy is a gem
I do core maths in school, so I've understood tax questions for a while. This guy taught me reverse tax within like 5 min. Thank you so much.
do more vids on here youtube. i like this guy, plz
Sure thing, thanks!
wow the only video on UA-cam who explained the tax questions on UCAT so well, I have absolutely no doubts now
Honestly I love your lessons. You are making everything look so easy. I wish you could be my tutor
I struggled with these on a practice the other day and you've really helped me understand these so thank you so much!
This video is so helpful. So easy to follow. Thank you!
since we identified that the tax is above the second income bracket, why did you need to use 25% of 15000 to get 3750 as opposed to using 25% of 20000? (9:40)
You have to find out how much money lies within that third bracket, so you find the difference between 35,000 and 20,000 which gives us 15,000. We don’t use the upper or lower limits in the questions where the difference between the upper and lower limits in each bracket is not constant, like in this question.
@@ambermir4020 because in the 3rd tax bracket the difference between the highest and lowest figure is 15000 so you must calculate 25 percent of that in order to get the tax for that bracket
this guy is so good at explaining thank you so much
so we all just gonna ignore the fact we have to do this in 40 seconds especially the reverse tax questions??
This is really helpful. Thank you!
Hi Sam! Thanks for your comment
i think you saved my life
Absolute godsend. Thank you!!
he is an absolute legend
what about 1200 from the first tax bracket ????
That's exactly what i was thinking as well...
i had the same doubt- i realised that the second bracket is a total paid(INCLUDING the 1200 and the value for second bracket which makes 4125) - cos if u work out the second bracket it isnt 4125 its acc a lower number so they have added the 1200 also for u...
@@harmanbasra7405 the 1200 is included in the 4125... its cumulative:)
how comes u didnt add the 1200 to the tax paid 7425? just 4125+3300 but why wasnt the lowest tax bracket added???
Thanks this was so helpful!
Hi, im really confused why you didn't add 1,200 to the tax paid. Shouldn't you add all 3 income brackets? (this is for the Mary Jo question)
thats what i thought!! cos we had to for the first q example when doing a normal tax question...for the reversed tax q we had to just use only the bracket above
@@thurgasivaruban2511 I think its because its a cumulative frequency tax table. So the second bracket includes the value of the first bracket added to the value of the second bracket, which is the value shown on the table x
Thanks for your help
THANK YOU ! but I don't get why if they are in the 3rd tax bracket they don't get taxed 15% of 20,000 ?? why is it 10,000 as they can pay the 20,000?
hi can i ask - if you pay for the subscription - is the person in the video delivering them - i really love his explanations
Hi there, yes Daniel is the main teacher for the UCAT course! These are new tutorials we have launched for 2020, and Daniel covers all of VR, DM and QR, as well as a couple of sessions in AR and SJT. Alongside our other teachers Mohil (founder), Kunal (founder) and Maddi (SJT). If you purchase, you also get access to weekly webinars on Zoom run by Daniel
Thank you bro means a lot x
Great video 🙏
Hi I have a question, why did you divide 7425 by 48000 to get Marie's monthly income percentage? Like why is this the method for finding monthly income %? 15:48
i think it’s just quicker than diving the annual tax by 12 (to get monthly) and then divide by monthly taxable income of £4000
ie. 7425/48000 = 15.5%
is quicker than
7425 / 12 = £618.75 a month, then divide that by £4000 monthly income = 15%
the calculator on screen can slow you down so it’s just better to find faster calculation methods x
Where did the $48,000 come from (15:47)?
Hi remember it's *annual tax* so you need to do 12 x £4,000 which gives £48,000 as that's what we're looking for!
@@MedicMind Ah lovely! thanks!
Great video thank you so much but I'm confused at 15:36 why didn't you add on 1200 from the first tax bracket? Please someone help my exam is soon!! thanks!
oh wait nevermind he covered it! thanks for the video!
@@maysamouauia2807 went great :D
Hi , thank you very much for the video! Please at (12.30 ) I am quite confused. Why is the answer not option E -32, 000 instead of option D 31,500 since 31,600 can be rounded to 32,000?
It's to the nearest 500, which makes 31,600 closer than 32,000 :)
@@naaokailey7030 Thanks for replying! I understand now
Hi, I was wondering if we get a whiteboard or a pencil and paper in the exam? Thx for the vid
As far as I know we will be given a whiteboard and pen and have acess to an onscreen scratchpad during the exam.
hey, i have a question
at 10:03 you mention that adding together the taxable amount for all three brackets gets you over 5400, which is why the salary earned must lie in the third bracket
however at 18:00 you mention that the individual is in the 4th tax bracket based on the amount of tax he pays, however if you add up the tax brackets as you did in the other question, using that method he would lay in the third bracket as the total would come to more than 10,000.
could you please help me out? am i looking at the question wrong?
yeah i got a different answer too, no worries if you just have this type of q just follow the method he said
im confused, why would you round 31,600 to 31,500? Why would you round it down not up?
cuz the question is asking to round your answer to the nearest 500 which is 31,500
i got a tax free settlement , but i also got a W2 for work i did it was only $5000 i was wondering should i file it or not ..
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