Taxes 101 (Tax Basics 1/3)
Вставка
- Опубліковано 15 лип 2016
- In this video, you'll learn everything you need to know about the U.S. Tax system. We cover the ins & outs of how taxes are calculated, everything from deductibles to exemptions, as well as how our progressive tax system actually works.
youtube has taught me more than school has in the past month
Maybe you’re just not paying attention in class🤷🏾♂️
Malacki 655 or he/she has been watching alot of youtube
Koiji same lol, the wonder of the internet
@@malacki6554 or maybe class ain't teaching anything other than college prep
Honestly.
With school learned some basic skills[sometimes helpful]
And tons of random stuff that I'll forget soon bc they don't actuallynteaxh and just tell you stuff then throw a test at you.
With youtube/internet I've learned howninvestig works, benifits, how you can use compound intrest, how to pay off debt stratss, how buissness can get tax deductions, learned what inflation was and how to keep up with it. The list goes on
Tip for those who do not understand this!!!!!! I did not understand it at first at all so every time he brought up something that I didn't know I would open a new tab and search up that specific thing, then come back once I knew what it was. After doing this you should eventually be able to watch the whole video and understand everything that is going on. It's fairly easy once you know what all the words mean. If u don't understand this video at first put in the work to do so, it will defiantly pay off in the future.
Good comment! How to learn on UA-cam haha
thank you !!!
These frequent tax code changes are disrupting my long-term investment strategies. Are there ways to structure my investments to be more resilient to potential tax code modifications?
Tax code changes taught me to you can build resilience into my portfolio. Diversification is key! My set manager helped me spread my investments across different asset classes like stocks, bonds, and real estate so that a positive tax code cha age here can help minimize the impact of aa negative tax code change
I agree. Based on personal experience working with a financial manager, I currently have ($2million) in a well-diversified portfolio that has experienced exponential growth from when i started. It's not only about having money to invest in stocks, but you also need to be knowledgeable, persistent, and have strong hands to back it up.
Please pardon me, who guides you on the process of it all?
I work with Sonya Lee Mitchell as my fiduciary advisor. Simply look up the name. You would discover the information you needed to schedule an appointment.
I ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
Why don’t they teach this in high school?
Because kids that shit duen't add up. If they realize that 15% or more was going to Federal government than another 7% or more to the state and than another 7% sales tax on the money left over. O and then there a landtax from your town. The kids would realize that there really getting fucked over good here. Now people say we need government for school and roads. I'm not sure about that as roads are one of the governments lowest experiences. And the school are incredibly inefficient. My collage cost less than what the town was paying to send kids to my high school. And somehow the Federal government has the smallest impact on our lives and we pay them the most, isn't that weird.
rich dad poor dad
It's better to know X plus Y I guess
Cassie B because the teachers doesn’t even know how to pay taxes
They teach us about how taxes affected historical events, but they don’t teach us how taxes work in the present :|
Not ready to be an adult . 🤣 Still don't get this
@@TheKing-hr7uh What part don't you get. Chances are, not everything mentioned in this video applied to you. For most people, it isn't all that hard to do on your own - or through a free/minimal fee service. If your taxes are more complicated, then chances are you can afford to have someone do it for you.
Majority of adults still dont understand this. You'll be fine.
That’s why you pay someone to do it. 😬
Neither does Washington 😏
Me eiiiither. And I'm 22, bro😭😭🙊🤣
Freshman in high school sad I gotta try to learn this through youtube.
Invite Material 😭😭
Same
Same
I'm mid 20's sitting here watching this XD
Frl
Schools seriously need to teach us this... I’m 16 and I only got *2* years left until I’m 18. Anyone else doing this??
Enjoy it while you can because life and bills is a🤬
I'm 14
How is it going now bud is only one year left
@@Luvs2splwwge smae
Same rn
Thank you so much for this. I’m 17 1/2 and getting ready for the adult world.
Carlos 1296 if you're 555....
Carlos 1296 same!
damn dude nice I'm just looking into this at 22
I'm 15
im 10
How long would it have taken to teach this in ONE lesson in math or economics class in high school. No one, including my parents taught me this.
Did you know the mitochondria is the powerhouse of the cell
Life sucks haha smh
I know right
Government really doesn’t want us to find out the truth 😂
I’m even more confused
same
Same here
Same
Me too.
Try breaking each portion of the video down into smaller parts, writting it down so you can understand, and search up terms you don't understand.
Hope this helps
I wish school taught dis cause I still don't understand this. Yes this video is helpful but using all thoes words I don't know I became confused
Zatavia Calhoun ik dude but I just said all of the really confusing words in google that really helped me out
Yes ik you wrote this a year ago but idc
School is not programed to teach us this.
I'm a 7th grade homeschooler wanting to learn about economics and how the world works, and this helped out A LOT. Thank you!
Lucky...
I’m 16, you are doing something amazing bro. Learning this is part of a change in the world. We have a lot of things in our hands and the 1% of our generation knows what it is.
Good for you, I’m 56 and don’t know all this !
Thanks a lot school, appreciate your 0% contribution to my money management knowledge. Can't thank you enough
The more I learn about taxes the more it sounds like an elaborate racket to extort money
Always has been
Taxation is essentially theft. Your goal is and always should be to pay as little in taxes as possible.
even if you paid taxes all your life. ( even tax money for the heritage ) the moment you die they steal some of your shit you saved for your children/family. because fuck us as replaceable peasants
UA-cam has taught me more in the past 3 months than school has in the past 7 years.
Thanks for posting on the basics. I'm sharing this with my daughter, a college freshman, because this wasn't taught in high school.
i learned something more useful in my adulthood in 4 minutes than i did in 12 years of my life.
Yes bro exactly 😂 school doesn’t teach kids to be smart it teaches them to be reliable and also getting ready for college
Cheers for the initiative to learn it for yourself, keep that up and there's nothing you can't do.
Seeing your pfp you are hopeless kid with no responsibility who blame other
Oh thank you thank you! This is exactly what I was looking for. I never had anyone to teach me any of these things. I literally felt like crying because either was so lost looking at those forms I just couldn't figure it out. I still couldn't find tax basics info through a Google search but I found your video on UA-cam. You're my Savior! Thank You, I hope u will keep posting videos like this. Your content is really good, I hope you're monetizing it for all it's worth, you're doing a great thing, educating those of us who don't know, understand or lack access to this kind of information. Thank you again!! ❤❤❤❤
We're so glad you found it helpful!!!
@@moneycoachio This is pure witchcraft!
@@moneycoachio This is pure witchcraft!
I am a 40 year old man & I can honestly admit that this video gave me a headache from trying to learn all this stuff. LOL. But I truly appreciate the posting. I will just need to watch it over and over until it sinks in.
I can’t believe high school doesn’t teach you how taxes work.
Like another commenter, I found this invaluable. It was the right details presented in an easy to digest format. Thank you!
cmarqueche u mean valuable
@@spicyshizz2850 no, invaluable. It means unable to put a price on something. Like a spouse, they should be considered invaluable.
That was a very good simple explanation. Well done!
I'm never moving to America im so confused
😂😂😂
Where country are you from?
What an amazingly understandable and simplified video on the basics of taxes. Thank you so much!
Mark Twain said "Never let your schooling interfere with your education, " This is exactly why.
As a new adult, fresh out of highschool, i can tell you, youtube gives you a higher education than anywhere. Thank you UA-cam and this channel🙏🏻
Great video. Thanks I'm looking forward to more
I was able to file for my tax refund through my financial advisor and got $42,000 as refund, I encourage everyone to try filing theirs
How so, link me to your advisor so he can help me also
Arloeric1 @
That's his gmal handle up there
I filed mine last year and received $9k in refunds really went a long way
Thanks for sharing this info honestly
in less than 2 minutes of this video, I can say I now understand what taxes are about
informative and brief thanks
Im glad my teacher is teaching me this stuff. These videos make much more sense
That was the best n easiest way I heard someone explain taxes👍
Great presentation!!!
I've found this video useful for showing my students how taxes work, is there a plan to update this to reflect current tax rates? Or odes anyone know another video that does?
this covered the whole lot one needs to know about tax!
Crazy how this was explained in 4mins but school doesn’t time to explain this... This should be taught at every highschool. .
Thank you for this video. As a 16 year old (who will be 18 next year), this will help me prep for when I have to start paying taxes once I turn 18. Unfortuately, my current & old schools do not offer courses in finance or tax, which is sad.
In Europe it's way more simple, the government collects the taxes from income every month.
Yeah... Freedom comes with more responsibility.
@@xxxlisandroxxx98 What freedom?
@@13Gangland owning guns and roasting the fuck out of your political leaders
Lixuniverse at least in Europe they know they aren’t free, in America we think we are free
@@TheCondorjc That's technically true I just don't like it
I'm 13 almost 14, and I'm going to start a job in about 9 months, and when I found out money was going to be TAKEN from me, I knew i had to learn about this SOMEHOW.
This video asking me if we are done yet when it's a 3 parter on taxes, you guys got jokes.
Great Video,learned a lot.
That was Awesome, Thank you.
I wish there was a video explaining what most of these words mean
For real
great explanations, thanks
Thanks for the great video!
Thank you this was very helpful and informative 👍👍
Is the fica tax taken out prior to everything, and if so would you not use the 30000 gross income at the start of this video, but instead 30000 minus the amount taken out by the fica tax? Or does it not matter?
Im still 100 % lost ive never done taxes 😭😭😭😭😭😭
Wow thank you that was very helpful
I don't really get the part at 2:52, where do the numbers in the Tax Brackets come from? And how can you get those numbers with $18,700?
I got an L.L.C last year because my oldest wanted to work. We filed taxes on the L.L.C this time . What is my part? I did personal taxes but do I do business taxes now since she filed ?
Thanks for the explanation.
This helped a ton!!
Thank you for this!
Best 4 minutes of my life ngl
the fact that we don't learn this is school, is enough to prove how fucked up the educational system is right now
however this helped a lot thank!
Great Explanation
Great video !
what confuses me is at 2:57 it shows the taxable income is 18,700 so from that 18700 the IRS can tax.. my question is what happen or what system or company or what ever took the other money that dropped his gross income from 30k to just little over 18.5k???
The best thing anyone can do is be encouraged and encourage your students to get the book "Cracking the Code" and to read it and learn the Gods honest truth about the federal income tax. Then do your due diligence and checked every code reference and history of income tax for yourself so that you will KNOW that what the book shares is really true. Afterwards you will find that only 1 percent of us actually OWE this income tax! I am so thankful I read the book. You will be too.
Thank you for your comment ❤
I could be wrong but I think personal exemptions are no longer allowed to be used as a deductible for your AGI post 2018.
Maybe I’m slow but what exactly is the exception for its just taking more out of your agi
Thank you for your information
SCHOOL SHOULD TEACH THIS
I think u should say shall-
2:25 how do you tell your tax accountant or how do you file this standard (6300) deduction??
You won't need to inform an tax professional of the standard deduction. If they aren't keenly aware of its existence, they wouldn't be a tax professional!
2:56 Where does the number $1421.25 come from?
Love it!
3:00 how does he get the calculations?
It's so interesting!
on 2:59 i dont understand how you calculate the amount of tax due??
I watched it once took notes didnt understand so I looked up all the words I didnt understand then watched it again now taxes make sense
If we are paying taxes all year through our paychecks what determines whether I get a refund or owe
If you overpay you get a refund. If you didn't have enough taxes taken out, you could possibly owe the irs
I was confused the first time around when you subtracted an exemption from the income because exemptions dont sound like something that would lose you money, but i guess after watching it a second time around everything past adjustments aren’t actually payments you are making, though the adjustment itself is a real payment.
This does beg the question, what counts as an adjustment.
Thanks so much !!
It’s so messed up to think that some of the hard work you do on the job is gonna be free because of taxes smh 🤦🏽♀️
At least in the us taxes have a positive result I infrastructure, you should look at Mexico where you pay taxes only for a politicians huge home to be built or another monopoly of them. Although, the healthcare systems needs a buff in the US
@@CarlosGonzalez-kz1tu bs, the fact that people have to pay ridiculous amounts of money to the government for “infrastructure” is just insane, if the government would stop spending all of its money on stuff we do not need (THE MILITARY) than it would be justified, even then we still shouldn’t be taxed so fricking high
Thank you so much for posting this video , you really helped me the most based on how to figure out tax returns terminologies meaning and also how they are mathematically applied on tax return auditing.👍👍👍👍👍👍👍👍👍👍👍👍👍👍👍🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏🙏
High schoolers should be taught Taxes as a maths and finances course with specialized maths classes as electives/choices. I’m 21 and I barely even know how basic employment taxes work as someone who worked ~11K a yr.
dang bro. hope you get a better job.
2:57
Q: there are two tax brackets. Does that mean there are two incomes?
It's great. But why did you write 401(k) as a deduction when you didn't mention it or take it?
what are they ways to get tax credit?
If you have a child you qualify for an Earned Income Tax Credit I believe. Look that up, E.I.T.C. or EITC or Earned Income Tax Credit on google.
If I learnt this in primary. I’d understand this but it’s way too complex man. Is there a much more simplified version?
Please post more UA-cam videos I’ve seen you haven’t posted in 4 years I hope you guys return 🥺❤️
Hey everyone, question from an Iraqi. Do Europeans, and Americans spend a lot of money for taxes?
Here in my country the electricity Bill's cost about 10-50 Dollars, and as for the water bill, it costs almost the same as the electricity bill.
There are no taxes on food and groceries, so out of the average Iraqi salary, which is 400-500 dollars per month we spend very little on taxes.
question!!! where did you get $922.50 and $1421.25 ??? another question since the AGI is now 18,700 and on the tax bracket the rate is 15% why do we have to included the 10% too? so in-reality 10% + 15% + FICA tax
so the Fica is automatically out since the employer takes it from the paycheck
What is the name of the used app in the video?
PLEASE NOTE: Due to the pandemic, the standard deduction has been raised to $12,400 for single-filers.
The standard deduction for 2020 was always going to be $12,400. It goes up pretty much every year due to inflation. It's built in. It will be $12,550 in 2021.
Thank you!
1:25 So if he paid $30,000 back in student loans would his gross income be zero dollars? I'm confused.
I never thought I would pay close attention maybe because how I miss high school
Question: in min 2:55 when talking about the tax bracket of the taxable income, do you had to add both tax brackets of 0 - 9,255 and tax bracket of 9,266 - 37,450 to get what you owe OR since he has 18,700 in taxable income does he ONLY have to use the tax bracket of 9,266 - 37,450 since his taxable income falls into that bracket.
also how did you calculate the tax rate of 15% to get 1421.25?
@@andrewappiagyei1576 You use both brackets, but they are taxed at different rates. Just to use arbitrary numbers, let's say that $0-10,000 is in a 10% bracket and $10,001-$100,000 is in a 20% bracket. If your taxable income is $30,000, this means that the FIRST $10,000 is taxed at 10%, and the rest (up to $100,000 - which since you only have $30,000 of income, is the rest) is taxed at 20%. So, you are taxed at 10% for your first $10,000 of income, or $1,000. Now the first $10,000 has ALREADY been taxed, so only the next $20,000 of your $30,000 of income is taxed at 20%, or $4,000. Your total tax is therefore $5,000.
@@willoughbykrenzteinburg you explained that perfectly
@@joshbasil3992 Thank you! You may have also heard the term "effective" tax rate. This is simply the total tax divided by taxable income. In the example I provided, that would be 5,000 / 30,000 - or 16.67%. Youre "in" the 20% bracket, but because of the way a progressive tax system works, your effective rate is 16.67%
@@willoughbykrenzteinburg It makes my blood boil when important information like this isn't being taught to (at least) high school students. It should be MANDATORY to have personal finance classes in their curriculum.
More helpful than the resources I've come across so far, but the jargon is still confusing. The process of using tax rates to determine what you owe is simple. But "itemize"? "Above-the-line deductions"? How do you determine if itemizing is better than the standard deduction? What does it even mean to be "below-the-line?" Again, more helpful than other sources, but there needs to be a resource that teaches about taxes from the perspective of someone who has never had a job in their life, which is where I'm coming from
Damn business class in hs never taught me this
HA lmk what internship is gonna pay you 30k!!! PLEASE sign me up.
most engineering internships/co-ops pay their interns around 35k a year....must be nice
Chemical engineering internship.
I think the AGI exemptions are no longer available after the tax year 2019.
thanks school
I'm a freshman in high school and I need to get a job by the summer. This shit would be really nice to learn in math. XD
Is tax return the same as paying taxes?
Do you pay tax on your salery?
Why don’t schools teach kids about financial literacy?
because screwing over prospective taxpayers is more lucrative. head of the education system are actual scumbags
any more updated videos for 2020?