BIG TAX MISTAKE ⚠️

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BIG TAX MISTAKE ⚠️
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Опубликовано:

22 дек 2021

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Комментарии : 510

@MarkTilburyExtra 2 года назад

Subscribe to my main channel here, for more in-depth longer videos, about money & success tips! ru-vid.com

@god4501 2 года назад

Is this everywhere in the us?

@voidphoenix2991 2 года назад

Is this actually true?

@feedmesteak1036 2 года назад

But what about inflation

@williamsrensen8449 2 года назад

Man everything I know in the realm of adult life, economics and money stuff I learned from you. And my school system isn't even that bad.

@JmMateo933 2 года назад

@zander4210 2 года назад

Why tax should be taught from a young age:

@UndergroundTech 2 года назад

Yes tax and finance in general

@zander4210 2 года назад

@@UndergroundTech it's odd how some governments don't invest in financial programs for kids.

@cerealissoup84 2 года назад

@@zander4210 they want to keep a hierarchy of wealth

@zander4210 2 года назад

@@cerealissoup84 Not always the case.

@adambeatty3123 2 года назад

They don't want you to know this because then it is less money for the government

@CatBoyGaming23 2 года назад

This man right here is the reason why money doesn’t have instructions

@cancelculturecansuckmydick4923 2 года назад

Is that good or bad

@CatBoyGaming23 2 года назад

@@cancelculturecansuckmydick4923 good

@cancelculturecansuckmydick4923 2 года назад

@@CatBoyGaming23 oh ok

@FernandoYBA 2 года назад

Because the man is already the instructor

@letter_o_hyphen_letter_o 2 года назад

This man IS the instructions for money

@azureushehe 2 года назад

"My dad offered me a raise!" "Cool now how much do you make?" "No, my dad raised me up"

@bigbrother7952 2 года назад

♥

@randomguyfrommars Год назад

🌚😂😂

@El.Phoenix 2 года назад

Yeah I never focused on tax before until recently being my own boss part time, thinking that if I make more and go in a higher tax bracket I’ll just pay more tax and hardly earn anything (or even lose money) so it isn’t worth it (stupid!) I was never taught how it all worked! Just learned 2 months before turning 23 😂

@pr0digy76 2 года назад

can you explain it, because i didn't understand the "tax is marginal" part

@fizztastik 2 года назад

@@pr0digy76 your first 49000 is taxed at 49000 rate (20%). anything after that, after your first 49000 will be taxed at that 40%. so basically: if you earn 49001 then 49000 will be taxed at 20% THEN you go to the next bracket and get taxed at 40% for that one dollar more but only 40% for that one dollar NOT the 49000

@pr0digy76 2 года назад

@@fizztastik ooh thank you so much, it is clear for me now

@pajo5014 2 года назад

@@fizztastik how does one know when to tax at 40%

@pyronic120120 2 года назад

@@pajo5014 look up the current year tax brackets for both federal and your state of applicable. They can change from year to year.

@SomeGuy-gc8zs 2 года назад

Canada and the US also use marginal tax systems. Remember, you can write off some of your income if you invest it in a retirement plan- something we should all be doing anyway.

@lisanne1711 2 года назад

Good video! This is true also in the Netherlands, although the percentages are different but this is a very important thing to be taught.

@intent4044 2 года назад

Mede nederlander, ik groet u

@anouaressanoussi 2 года назад

How much are the % there

@lisanne1711 2 года назад

@@anouaressanoussi I didn't exactly know, but I looked it up.. It's complicated, it depends if you're retiring, or just starting out(apparently). And your 'assets' and salary, both taxed differently. But if you're working, in 2021, you have to pay: 37,10% till €68508 49,50% if you're above that amount.

@lisanne1711 2 года назад

@@intent4044 hallo medebewoner

@JTS-Games 2 года назад

Lekker in schijven betalen

@arijzafar564 2 года назад

I genuinely thought everyone knew this and was joking to my mate about why this pointless vid exists. I have since gained a new appreciation for this vid as he had no idea that tax was marginal. Thanks for this public service that you are doing.

@mtheoverlord7840 2 года назад

Yeah, it’s kinda embarrassing to admit I originally thought that your overall income at the end of the year determined into which tax bracket you would enter 😅

@arijzafar564 2 года назад

@@mtheoverlord7840 I can see why you would think that and I only learnt how personal income tax worked at 17 and it took another two years for me to understand how business tax worked, tax exemptions and expenses. Don't be embarrassed I have since sent this vid to many friends in there 20s and they had no clue. I guess everyone learns different things at different stages ☺️

@elsupermegan2079 2 года назад

wait i dont understand what he means actually, like what is marginal tax?

@shaun__3 2 года назад

I only found out when starting my first full time job and I called HMRC asking about personal allowance and why i wasn't taxed. I had a maths degree but only just then understood tax...

@thescorest9922 2 года назад

Can you tell me about this tax system, in this video, didn't understand, cause I m not from usa

@BingusDingusJohnson 2 года назад

Boy am I glad I followed an economic study, but I think this video will help a lot of people

@luumuhillo4073 2 года назад

@Igor7007 He explained that if your pay is 52k only the 2000 will be taxed with 40% and the rest is taxed 20%

@kostadim7892 2 года назад

@Igor7007 as Luum said, basically assuming he’s at 60k, only the 10k extra will be taxed at 40%. The stuff below 50k will be 20%

@EnglishDrifts69GTxRED 2 года назад

@Igor7007 you pay the 40% on anything over a certain not the whole salary

@thegreat_boi7777 2 года назад

i’ve seen this type of video multiple times. i just realized it. if u don’t understand, lemme try and simplify it. if you make 55000$, then your taxes at the 5000$ that’s over the 50000$. if your making 49k, then you get taxed on the 24k over the 25k. if that makes sense

@chinenyem.7305 2 года назад

Thank you 🙏🏾

@AM-dn1iq Год назад

Nope still don't get it

@chronozeta Год назад

@@AM-dn1iq if he starts earning 50k$ only the money he earns above 50k$ will get taxed %40 , so the additional 5k will be taxed by %40, but below 50k which is majority of his income will be taxed at %20 still

@cdfort 2 года назад

Yes as others say it should be learnt as school... I get the rest paid into my pension but this is also limited to 50k.

@HappySinghT 2 года назад

The limit is £40K.

@TR123 2 года назад

I remember having to explain this to our teacher in year 8 💀

@twitchoru3745 2 года назад

💀💀💀

@EnglishDrifts69GTxRED 2 года назад

Doubtful

@EnglishDrifts69GTxRED 2 года назад

@A B 👌

@notsosmallalex6619 2 года назад

School should really teach this

@FatallyYours230 2 года назад

It baffles me why someone earning 13k has to pay the same rate of tax as someone earning 50k

@RomanTheNotARoman 2 года назад

Someone earning 12k doesn't pay the same rate, they don't pay income tax.

@redmondhenry398 2 года назад

What? Did you watch the video the first 12k is not taxed then the next 38k is taxed the same no matter what, then the next whatever is taxed at a higher rate

@stansman5461 2 года назад

Tax rate and tax amount are different. If I give 10% of my 10k salary, and you pay 10% of your 100k salary, you're paying more in taxes. You're contributing more and you're helping society through taxation more. And I'm helping less as well as getting gov social welfare so I'm a burden.

@Doberbull 2 года назад

In the US, it’s a bit more complicated. It’s not a straight percentage. There is a set balloon amount that you pay based on your income bracket, and then on top of that payment, you pay the % marginally.

@Noknes 2 года назад

the fact people don’t know this amazes me. Tax needs to be taught at a younger age

@maccapaccabrump9731 2 года назад

One thing I do like about our tax margines is the £12k per year untaxed as it’s perfectly done for college students If a college student age 18 works 3 days a week (weekends a d maybe a day off) it comes to around that tax margin

@tmsztrsz Год назад

I'm really amazed that there are people who need this explained. Good job, government.

@Yophillips3272 2 года назад

There was one young lady I worked with who didn't sign up for unemployment during the pandemic because she "didn't want to pay the tax". With the extra $600 a week federal money I think we came out with around $10k in a relatively short amount of time. Also when tax season came around they got rid of the tax on it. Meanwhile I had to hear her complain that her pos car was breaking down and how she was broke. 🤦‍♂️

@superpantman 2 года назад

If you’re making £50,000 per year you know how tax works.

@pear7777 2 года назад

This is only valid in tax surcharges in for instance the Netherlands. If you earn more, you have less surcharges, which might get you less money in the end.

@wii60own 2 года назад

As an accountant, this is true but why work at 60% of your salary unless you are making way over the limit. It's always better to get tax free benefits unless you are getting a raise much high than the limit.

@heisenburg8608 2 года назад

It's scary how many grown adults didn't know this is how tax works.

@justajoetard400 2 года назад

Why isn't this guy in our schools? Students need to learn about taxes!

@lemonwater1594 2 года назад

For anyone wondering or is confused by marginal tax it is also called progressive tax. Basically there are tax brackets, here the bracket used is 12500-50000 and the next bracket would be 50001-some number I don't remember. Basically anything that falls within the 50000 would be taxed 20% and then let's say his raise is 5000. Next you'd take only this 5000 and tax it by 40%

@sergiolopez0407 Год назад

It’s baffling how many people have no clue what a marginal tax rate is 🤦‍♂️

@prettypointlessvideo 2 года назад

If you actually don't know this and yet you're making 50k a year... then hats off to you. Against all odds you managed to pull something out of the bag.

@pyronic120120 2 года назад

You would be surprised at how often I saw this at my puercos job. We would have to educate people on this subject multiple times a day from all ages and even people who made way more than 50k.

@jellyalpha9563 2 года назад

Merry Christmas! 🤗🎅🎄May your holidays sparkle with joy and laughter.

@otterside100 2 года назад

In Canada, take the raise and put the extra money in your RRSP. The RRSP will lower your income to encourage saving. You can then use it for your first down payment or retirement!!

@thecringydorito8497 2 года назад

I still a bit confused does this mean the extra money he gets from the raise is the only bit of his salary getting taxed at 40%?

@piticolsf4748 2 года назад

It doesn't work like this everywhere.

@pygmalion8952 2 года назад

Yes

@Leon_hm 2 года назад

only guy that doesn't scam young people

@LXSTSPXCE_ 2 года назад

This old man deserve a love

@suchi0up 2 года назад

It is a high school level fact.There are or atleast used to be questions based on marginal tax and deductible amounts in high school.

@ahmdjoiya 2 года назад

This rule is different for different countries. Unfortunately won't apply in mine

@TJSpike 2 года назад

My dude did had a category for splash and drop damage, hahahaha 🤣🤣🤣

@XCeazyX 2 года назад

This guy just explained why corporations will NOT be discouraged from making more money if you add more tax brackets.

@tomhaydon2007 2 года назад

I didn't know this! Thanks, Mark. 🙌

@rahulk2633 2 года назад

40% tax? That's robbery

@bowie9724 2 года назад

my father taught me abouth this when i was 11 so that i didnt make the same mistake

@youssifmansour516 2 года назад

When your county dont even have tax

@emanuellgustea122 2 года назад

Why do we get taxed for food, gas, water, electricity, paychecks, all that? We already pay taxes why would they take it out of our income?

@GreenMan352 2 года назад

Also... You could always put more into your pension to reduce tax...

@UsernameNotTaken2 2 года назад

My teacher tried teaching this in school. While they had good intentions, it kinda messed with my idea of tax xD I asked 'Wait, so is it better to earn 49k then 50k...? 40 percent of 50k would mean I'm earning less right?' Their response? 'Ahahah, now your thinking smart! That's right, you want to aim for the 20% unless it's a really big pay rise. That's how they get you with the 50k jobs' I was suspicious of getting jobs that were over 50k for ages, felt really dumb when I found out what I was told made no sense. Of course peeps that earn more dont get obliterated with taxes if they worked a little harder and earned a little over the threshold

@suhandatanker 2 года назад

Here the only tax we pay is service tax in fast food restaurants 😂

@ibrahimjamil2774 2 года назад

This is helpful. I thought the same as the worker.

@glutenfreebread5966 2 года назад

Actually useful thankyou, been curious about this since i was like 8 years old

@annaversee 2 года назад

Boss:" I actually changed my mind and you don't need a raise"

@catsareawesome256 2 года назад

To summarize: if you get 150,000$ salary then 12,570$ gets no tax, 37430$ gets 20% tax and the rest gets 40%

@danishman5983 2 года назад

This is how it is in america, but here in denmark it is normal to Pay 40-50% tax

@EnglishDrifts69GTxRED 2 года назад

In the UK its actually 43k where it goes to 40% Im on 50k and 7k is taxed at 40%

@HFTurboSte 2 года назад

It's £50270 for the 40% threshold. (12570 tax free + 37700 earnings above that) You may have some benefits in kind or something else affecting your tax free allowance, meaning you start paying tax sooner. Do you have a company car? Health Care? Dental? You should be able to salary sacrifice your pension contributions, so they are taken out pre tax and lower your reportable salary to Hmrc which may claw back some of that 40% top line killer.

@michaelnizza414 2 года назад

I feel like most tik tokkers have no clue how taxes work.

@thekingoftheworld9553 2 года назад

Finally a great video that's well explained and plausible. Well done sir

@mrjoestar8953 2 года назад

I was literally studying about this yesterday for a test im having 😂

@GreaterGermanRepublic 2 года назад

Are there enough people who don't understand taxes that make this necessary.

@jaydenmurph1767 2 года назад

Mark when I get rich ima thank you for spreading all of this very helpful information that most people don't tell us

@asdff489 2 года назад

I doubt that anyone that doesn't know this very basic UK income tax rule will be getting any kind of promotion

@afonsovaz4186 2 года назад

It’s baffling that this stuff isn’t taught at school. How are people like me supposed to know this if no one is ever comfortable talking about money and this is not taught in school?

@benarnold819 2 года назад

I don’t think marginal tax rates confuse as many people as Mark makes it out to be. I think discussing social security (national insurance) would be far more beneficial as that seems to be what confuses people more in terms of the logic on how it’s calculated.

@wm_9640 2 года назад

40% on anything over 50k is ridiculous

@mitch5016 2 года назад

I wish they would start teching this us in maths instead of learning how to calculate the area of a sphere

@pyronic120120 2 года назад

These comments are starting to get annoying and show why people make poor choices. I'm actually glad I learned the pythagorean theorem and learn to calculate the area of a sphere as i use them everyday and it has allowed me to earn over six figures a year. You can't learn everything in school. Yes I would suggest some level of taxes in High school should be taught, but it really doesn't need to be more than a one semester course in possibly senior year high school. Otherwise people really need to learn to do their own research. Tax laws change every year even tax accountants have a hell of a time keeping up.

@Adelrawas1 2 года назад

The amount of people that don't know this is staggering.

@ellis7965 2 года назад

Thank you for these free tips :)

@Uncivil_Dreams Год назад

wow. thats one of the most informative things i have heard on social media so far. thanks dude!

@Embenera Год назад

I'm not gonna use the information this man teaches for another 4+ years but its better to learn now than drown in debt later

@dovakhiinmaster2967 2 года назад

Benefits. You forget about benefits. Benefits and such may mean that you do quite literally lose money.

@spurslegacy 2 года назад

I refuse to believe anybody would refuse a raise thinking this but people surprise me every day. This video was a good one

@rajeshdongare3407 2 года назад

Some old man are just too smart.

@opticx5717 2 года назад

Tip: accept the raise

@MaurizioParenzan Год назад

I was in similar discussion multiple times 😂😂

@scottwhitley3392 2 года назад

The amount of people that don’t know this is frightening.

@sharalakid 2 года назад

Your videos are so good man!

@tubecrazy3000 2 года назад

It’s ridiculous people think it’s okay to tax higher percentages based on amount earned. That’s like punishing people for making more money. It’s literally fair if it’s let’s just say 20%. It’s ridiculous.

@chrissr318 2 года назад

Crazy that anyone pays 40% in taxes

@CaptainBenzler 2 года назад

Schools: Ok, but do you know about the Pythagoras theorem?

@Enxev1ty 2 года назад

Now that's literally tax evasion Because he just evaded more taxes.

@pyronic120120 2 года назад

Not really because he's not getting paid that money. Therefore it can't be taxed. Unless you meant this to be a joke. If that's the case... lol

@levidale2884 2 года назад

The problem is when you go from one bracket to another in the USA you lose free healthcare which with a family means you lose around 400$-600$ a month. If it doesn’t make that difference there is no reason to get a raise.

@pyronic120120 2 года назад

Yes, this is actually one of the biggest issues with the U.S.. In order to apply for any federal or state assistance you basically need to be living in the streets. That's why most people will actually take a lower paying job because it has great benefits over a higher paying job with no benefits. Getting your own insurance is also a nuisance since there are so many prerequirements and can potentially be rejected, but Healthcare from an employer is practically guaranteed if they offer it. So even if a job pays 15% to 20% more without health insurance than another one with, people would still go for the job with health insurance even if it paid that much less because health care can really put you in the poor house in U.S..

@andychan118 Год назад

That’s why it’s so important to have a universal health care system. The US is the only developed country in the world without one.

@kantarellgubben2090 2 года назад

How can you have a system where the tax changes 100% over a limit and not a smaller steps?

@youraveragesadist8308 2 года назад

Important: not every country has this! Germany for example doesn't

@taromana2529 Год назад

Idk why but I thought he said "well you'd better call saul"

@stphngrnr 2 года назад

This is wrong for 40% bracket between 100k and 150k. Tax is essentially 60%, assuming no tax efficiency is done, as you lose £1 for every £2 you earn between 100k and 150k.

@Zakrovik 2 года назад

As an auditor. Thank you.

@wifi_gaming1422 2 года назад

More helpful than schools, I still don’t know how Newton’s laws will help me with tax and paying rent

@gcma1999 2 года назад

Are taxes and adult life stuff that hard of a subject that you need someone to teach you that? Just do your research. Now, try to "do your research" on maths, physics and science and see how that plays out. Even if you're disciplined and a self learner, you're the exception to the rule. Most people aren't.

@wifi_gaming1422 2 года назад

@@gcma1999 damm you must be really good at dodging. My accuracy and power is very on point. And if my joke missed you by a mile you must be really good at dodging

@sairan1364 2 года назад

my school exams always have this, thank you *school*

@swayam7129 Год назад

"Yead I'd rather earn less than give money to the government for the improvement of the nation" The same script everytime

@veljkostejic9594 2 года назад

instead of saying no to your boss when he offers you a raise you should say "let me think about it i will give you an answer the next day" that way you have the time to think about everything before making a bad choice

@DiabolicalBiscuit 2 года назад

Well it’s important to know if your job comes with benefits it can decrease the personal allowance

@yesterday00 2 года назад

You're the guy Cody ko was talking about lol

@thenexus7343 2 года назад

I swear tax and finance would be a great class, in this class, the teachers could also Show them how They save money and what not, and how a kid can too. Also I think like, a 14 year olds can do less physical jobs like cashier. Dish washig. Being a waiter/waitress, etc I feel like giving kids this ability could help them struggle less at home they just work part time, pike 4 5 hours every few days, and there bringing in a check maybe to help with food or sum, so the parent can focus on bills. And frankly, if Said 14 15 year old is already athletic. You could easily let them do more physical jobs without them getting hurt.

@yamizakygo5869 2 года назад

boss : here's more money me : k thanks happy ending

@Rawkerguy20 2 года назад

I love your videos mark!

@owncascade8483 2 года назад

Thank you for explaining this to me

@Zenress 2 года назад

While i like the messages brought by these shorts. I can’t help but wonder if most people wouldn’t have searched up the tax system of their given country when they were reaching an age where they had to pay taxes. Is it just a case of people not being aware about how little they know?

@pyronic120120 2 года назад

People don't because they're lazy and willing to listen to their friends who know nothing about taxes, but suffer from Dunning Kruger effect and just spread misinformation.

@erikalcala1632 2 года назад

Don’t think anyone dumb enough to refuse a raise would be smart enough to think ahead for taxes regardless if their logic was wrong -.- no one rejects a raise lol

@sonnygrover7889 2 года назад

My calculater just said 20% of £49k is 39,200 so he'll have £9.8k left but if he makes £50k plus wouldn't he have £20k left over from 40% of £50k (pls tell me I'm not the great at maths-_-)

@RomanTheNotARoman 2 года назад

Your income is split into different "tax brackets". So in the UK all of your income up to £12,570 is not subjected to income tax. The section of your income that is greater than £12k but less than £50k is taxed at 20%. And then the money you earn past £50k up to £150k is taxed at 40%. So as an example, if you earn £51k a year, £0-12k 0% tax on it (so you don't lose any of it), in the next tax bracket up to £50k you are taxed at 20%, so of £38k you are taxed for, you keep £30,400 and the £1k you earn that gets you over £50k is taxed at 40%, so you keep £600. Total: £51,000 First bracket: 0% £12,000 (you keep) Second bracket: 20% £30,400 Third tax bracket: 40% £600 So after tax your earnings would be £43,000

@sonnygrover7889 2 года назад

@@RomanTheNotARoman ahhhhh okay thx