TAX BASICS: a Beginner's Guide to Everything

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💥Tax Basics Cheat Sheet → accountingstuf...
This video is a beginner's guide to all things tax. First I'll explain what tax is. Then we'll cover the burden of tax and how different taxes can be proportional, regressive or progressive. You'll also discover the difference between tax avoidance and tax evasion, along with direct and indirect taxes.
We'll then break taxes down into three distinct categories:
▪ Tax on the Stuff you Earn
▪ Tax on the Stuff you Buy
▪ Tax on the Stuff you Own
We'll cover the main taxes that fall into each of these groups and give examples to illustrate how they work.
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⏱️TIMESTAMPS
00:00 - What is Tax?
00:30 - The Burden of Tax
01:20 - Tax Avoidance
01:36 - Tax Evasion
01:48 - Direct vs Indirect Tax
02:40 - Tax on the Stuff you Earn
02:44 - Personal Income Tax
05:38 - Payroll Tax
07:05 - Company Tax
07:59 - Capital Gains Tax
09:27 - Tax on the Stuff you Buy
09:35 - Sales Tax
11:46 - Value-Added Tax (aka. Goods and Services Tax)
15:03 - Excise Tax
15:48 - Tariffs
16:25 - Tax on the Stuff you Own
16:29 - Property Tax
17:50 - Wealth Tax
18:49 - Inheritance Tax
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#tax #accounting #accountingstuff

Опубликовано:

15 авг 2024

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Комментарии : 150

@AccountingStuff Год назад

What tax topics would you like me to cover next?? ⏱TIMESTAMPS 00:00 - What is Tax? 00:30 - The Burden of Tax 01:20 - Tax Avoidance 01:36 - Tax Evasion 01:48 - Direct vs Indirect Tax 02:40 - Tax on the Stuff you Earn 02:44 - Personal Income Tax 05:38 - Payroll Tax 07:05 - Company Tax 07:59 - Capital Gains Tax 09:27 - Tax on the Stuff you Buy 09:35 - Sales Tax 11:46 - Value-Added Tax (aka. Goods and Services Tax) 15:03 - Excise Tax 15:48 - Tariffs 16:25 - Tax on the Stuff you Own 16:29 - Property Tax 17:50 - Wealth Tax 18:49 - Inheritance Tax

@uB39106 Год назад

Sir, can you pls make a video on activity based costing? I know it is not a tax based topic, but pls pls pls do make a detailed video on it. Please. Thanks.

@toewai8188 Год назад

Hi James, can you please explain about Cash Flow Forecast. Thank you so much in advance.

@Rack_Academy Год назад

Could you please make a video on accounts receivable and accounts payable

@isasantoja7085 Год назад

Could you please make a video about reserve?? I was asked in a job interview and didn’t know how to explain it properly. Thanks

@taniyadg1 Год назад

Would you be able to do a vedio on calculating income taxes. Like tax on employment income, business income, etc.

@dheerthagirinathans246 Год назад

Like to have more videos on TAX!🎉

@AccountingStuff Год назад

That's great to hear! I'll see what I can put together

@yaboiavery5986 5 месяцев назад

@@AccountingStuffThe world needs somebody like you explaining this stuff. There is VERY little content on the topic.

@AccountingStuff 5 месяцев назад

Thanks :)@@yaboiavery5986

@danielngoma-ie5qy 2 месяца назад

@@yaboiavery5986 yes plus you are great at it you know to explain

@m.yameenalli5688 Год назад

It’s been a minute, but I just want to say thanks, I started watching your videos 4 years ago to understand accounting. I just finished my degree and I’ll be graduating in two months. Thanks for everything

@AccountingStuff Год назад

Congrats on completing your degree!! Must be a huge relief to be done with it. Well done :)

@PrometheusUnchainedAndFree Год назад

After 3 months I thought you quit RU-vid. It is so amazing to see you upload again. You are even better learning source than the paid ones. I used to watch you to learn now I am watching for fun

@AccountingStuff Год назад

Thanks for your kind words Ömer! Great to hear you're enjoying these :)

@uB39106 Год назад

@@AccountingStuff Sir, can you pls make a video on activity based costing?

@DLCS-2 Год назад

@@uB39106 there are videos . Edspira has some food ones

@uB39106 Год назад

@@DLCS-2 I know. But I want him to make one, because I understand his explanations

@danielmfraser 11 месяцев назад

@@uB39106 Have you tried edspira?

@marcoatrejoenriquez7720 Год назад

I am in an Accounting Class (Studying an MBA), and your channel has helped me a lot. Thanks!!

@AccountingStuff Год назад

Great to hear you're finding these videos helpful. Good luck with your MBA!!

@TheGippy30 Год назад

Nice to have you back James, I would like some more complexed tax videos cheers

@AccountingStuff Год назад

Thanks for your request :)

@traveltoks6578 Год назад

Hi James. I'm usually a passive watcher but I just HAD to comment. From the pictograms, the clean editing to your beautiful narration; I can tell my uni schooling could be a breeze. You are out here doing the most. Keep up! Just a subscriber giving you your flowers 🌺🌹

@AccountingStuff Год назад

Thanks for your kind words!

@Rack_Academy Год назад

Your channel has been so helpful. I saw your last upload was 3 months ago! I was shocked and i thought you quit. But then you uploaded this video and i jumped! Thank you so much for this amazing educational content

@AccountingStuff Год назад

Thanks! These videos always take me ages to put together. I put them out as often as I can

@ManOfEarthAndNature Год назад

Tax accountant chiming in. I hope you are a professor or somehow work with students because this is fabulously done.

@AccountingStuff Год назад

Thanks!! This is a solo endeavour

@theguywith Год назад

I love taxation and tax bracket calculations. Intimidating.

@theguywith Год назад

killer thumbnail too 🔥

@AccountingStuff Год назад

Thanks mate!

@sonyaschiff6994 Год назад

Can you please do a payroll accounting video!! I understand your videos so much better than my instructors!!

@AccountingStuff Год назад

Thanks for your request!

@willyou8273 Год назад

I love your videos. I'm self taught accountant because of you. Thank you so much. Please, Show us how to avoid taxes legally.

@jaycie5021 Год назад

I used to use your vids to study for my BA in accounting. But this is the first time I watched just for fun. 2 reasons 1st my degree is due to be mailed any day now. 2nd I've worked as a professional tax preparer sense 2020. Still entertaining but yeah this was very basic.

@AccountingStuff Год назад

Congrats on finishing up your degree!!

@cherrydeblossom Год назад

Can you make some videos for cost Accounting and managerial Accounting?

@PrometheusUnchainedAndFree Год назад

Cool nickname

@AccountingStuff Год назад

I can do! Thanks for your request :)

@tytrrtt Год назад

Excellent video, get appreciation from a Big 4 employee !!!!!

@AccountingStuff Год назад

Cheers :)

@michaellazarus8112 11 месяцев назад

OH MY GOSH> Your channel is such a blessing. I literally just found your cheat sheets in the description and I'll be robbing you of them shortly 💸

@AccountingStuff 11 месяцев назад

Glad to hear you're finding these useful!

@ganeshgadekar9234 Год назад

Thanks for your video, It helps me a lot, Can you please explain Withholding Tax, VAT/GST in more details and there recording in books?

@AccountingStuff Год назад

Thanks for your requests!

@neerganesan 8 месяцев назад

Thanks!

@AccountingStuff 8 месяцев назад

Thank you so much!!

@johnhoffman3593 Год назад

Just started my TAX class! Perfect timing

@AccountingStuff Год назад

Best of luck with it!

@mominaali4290 Год назад

lots of love and respect for you from Pakistan. I have shared your channel with my all Classfellows

@afnaancadey30 Год назад

Firs thank you :second Im acollege student I learned alot from you about financial accounting it was very difficult for me at first more thank you The second semester is about to begin in faculty financial accounting I really do not understand the english language I watched your vedios I understand alot of things bye teacher

@AccountingStuff Год назад

Great to hear you're finding these helpful!

@ilkinmusayev2906 Год назад

Incredible video! Thank u so much James for making it clear to all of us. Keep it up!

@AccountingStuff Год назад

Thanks Illkin!!

@jaidev777 Месяц назад

6:25 - In the example of personal income tax, his whole 80k was taxable. But now we're talking about the 60k portion which is subjected to payroll tax rate. Does this mean that the 60k is subjected to *both* the personal income tax rate AND the payroll tax rate?

@hsafi9393 Год назад

Thanks so so much, please cover Gain and Loss/Realized and Recognized with capital tax please.

@AccountingStuff Год назад

Thanks for your requests!

@jaidev777 18 дней назад

Hi James. You said Payroll Tax is a Direct tax. But I thought Direct taxes refer to those directly paid by the payer to the government, while Indirect taxes refer to those which were passed on to someone else to then pay the government. Since the employer is sending the money to the government, shouldn't that mean it's an Indirect tax?

@renavandewouw4952 Год назад

awesome video! i just bought the cheatsheet set. absolutely perfect for school! (snhu)

@AccountingStuff Год назад

Thanks for your support!

@jaidev777 Месяц назад

6:48 "But this one is up for debate, you could argue payroll tax is actually regressive, since wealthy people tend to earn income from other sources like investments, which are exempt from payroll tax." But that argument admits that other sources of income have nothing to do with payroll tax, so it's not fair to call it regressive, right?

@amberliwentee402 Год назад

Good afternoon, can i get further explanations regarding to below topics, pls. Thank you. 1) Explanation on why under Deferred Tax Asset, Asset ( Tax Base > Carrying Value ); Liability ( Carrying Value > Tax Base ) 2) Explanation on why under Deferred Tax Liability; Asset ( Carrying Value > Tax Base ); Liability ( Tax Base > Carrying Value )

@MaseMounty Год назад

Hello James, I have a question. Do employees pay both income tax and payroll tax? And what is the difference between them? Can you explain it more detailed, please?

@thetaxaccountant 9 месяцев назад

I am a board certified tax agent in Australia. Our tax system is the same as UK. Employees only pay income tax at a marginal tax rate depending on income. Payroll tax is levied on wages paid or payable by an employer to its employees when the total taxable wages of an employer (or group of employers) exceeds a threshold amount.

@georgeelmore2090 Год назад

Hello mate, your videos are really helpful is there any chance you can do a video on a Service Charge Reconciliation? Thanks

@AccountingStuff Год назад

Thanks for your request!

@brandondean4201 Год назад

Glad your still uploading

@AccountingStuff Год назад

Cheers Brandon!

@ginify732 11 месяцев назад

Loved your videos! I know nuts about accounting, equipping myself with financial education (accounting from level 0). Thank you heaps, bro! Love from Malaysia!

@AccountingStuff 11 месяцев назад

No problem, all the best!

@SimaoBelo-hs7tm 4 месяца назад

Could you explain a little bit about What's Accounting Taxation

@AccountingStuff 4 месяца назад

Thanks for your request!!

@ohkalos Год назад

good to see you James! hope you’re doing good

@AccountingStuff Год назад

Cheers Austin, I'm doing great thanks. All the best

@pintotazzo Год назад

Never letting anyone down with the contenido

@frederikhamacher3981 Год назад

Bester Mann, Grüße aus Mannheim

@sarakareem2316 Год назад

Please post to do payroll in uk.

@syeeeed Год назад

James why did you decide to leave 1. The UK, 2. Your Corporate Career in accounting. 3. What changes have you seen in your life since leaving moving away?

@ilc-nl3yy Год назад

Hello....I started a mobile food service last year and I also have a full-time job. I know that certain businesses and ride share contractors can't write off their miles until they get to their first stop. I use half of my garage as a commissary/warehouse (area where I prep, clean equipment & pans and store inventory) and for book work. With my situation, am I able to start writing off miles when I leave my house? I have one location where I set up, so I'm not going to different locations. Thanks.

@kamaukariuki7260 9 месяцев назад

Very insightful bro.

@AccountingStuff 9 месяцев назад

I appreciate that

@user-tz7df6fe3b 7 месяцев назад

Hi James. Thanks for your great video. Do you have some video to teach us how to claim personal tax?😊

@AccountingStuff 7 месяцев назад

Sorry I haven't made one on that

@reabo 2 месяца назад

Do you have an videos on being tax efficient with a sipp?

@AccountingStuff 2 месяца назад

I don't I'm afraid

@dianacobb4732 Год назад

Thank you for the videos 👍

@AccountingStuff Год назад

No problem :)

@HimanshuLaskar-fz6ll 3 месяца назад

An accounting student here. Nice video but how do some rich people pay 0 net tax after having such a large income ????

@celestecarrazco4357 Месяц назад

They contribute to society

@CreatorsExpress День назад

Because they don’t actually have “income”. Credits, deductions, contributions, etc.

@yoel8543 Год назад

welcome back missed your videos

@AccountingStuff Год назад

Cheers Huey!

@jeremyfield4148 Год назад

If I have a full time job and file a W2 to the IRS and my company takes out taxes out of my paycheck why do I need to file taxes every year. Would it not make sense for my W2 and earned wages to match so every year I break even owing and gaining no tax differences. Now I understand there are some that like to receive more money each month on earned income thus owing more money on taxes. But why would we not adopt a new tax system so we break even. If I go to a store a pay 6% tax on an item I own that item and paid taxes on that item. I do not have to claim that taxed item again.

@Ema.loveHyu Год назад

Hi can you make a video on control accounts BTW I love your videos. Best educational ones

@AccountingStuff Год назад

Thanks for your request!

@Ema.loveHyu Год назад

Welcome

@kizzien6651 Год назад

Can you talk about temporarily vs permanent differences?

@Outlier_G Год назад

can you please clarify and make a video about doubtful debts and method of their recording, meaning direct method and allowance method? I hope you clarify it.

@AccountingStuff Год назад

Thanks for your request!

@dinhhd1708 Год назад

Thank you so much

@AccountingStuff Год назад

You're very welcome ;)

@geegy123 Год назад

I have been waiting for a video on Transfer Pricing and Intercompany transactions.. I had asked you an year ago i guess...

@AccountingStuff Год назад

Sorry for missing that one. I'll keep these topics in mind for future vids :)

@ryder8328 Год назад

About preference shares and ordinary shares could you explain about it in future

@AccountingStuff Год назад

Thanks for your request!

@BJJsacra Год назад

Loved it ❤

@AccountingStuff Год назад

Thanks!

@Mountain-Sam Год назад

I thought for capital gain tax, if capital gains tax is 35% then 35% of the gain would be added to the marginal tax rate? Thus it wouldn't be 35% as it would depend on the marginal tax rate. Can you please confirm? Or maybe I misunderstood this. Thanks!

@AccountingStuff Год назад

Every country / state / province has their own rules. You have to check with your local tax office to see what the rule is in your region

@minnie092407 Год назад

Awesome video!! Would it be possible to request one for WIP accounting??

@AccountingStuff Год назад

Yes of course!

@aleksandrakowal5661 Год назад

would you please go more into details with tax?

@AccountingStuff Год назад

I can do :)

@mohamedumar3051 Год назад

Fantastic Can you make some videos in managment accounting ?

@AccountingStuff Год назад

Thanks for your request!

@morrismaingi5089 Год назад

Kindly lets go deeper on this topic.

@AccountingStuff Год назад

Thanks for your request!

@jonathanbrown4961 Год назад

Next do a Multi Step Income Statement

@AccountingStuff Год назад

Thanks for your request!

@jonathanbrown4961 Год назад

@@AccountingStuff Yup, had it in my class and it was a little confusing

@Yassi_gorl 3 месяца назад

Pers. Income tax Taxable income X Person. Income Tax Rate Average TR = Income T/P ÷ Tax Income Payroll Tax Direct Tax on Wages PAyroll Tax = Gross wages or salary X Payroll Tax Rate Company Tax Direct tax on business profits Capital Gains Tax Cap Gain X Cap Gains Tax Rate

@AccountingStuff 3 месяца назад

A great summary!