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.
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.
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.
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.
@@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.
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
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 RU-vid. 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!! ❤❤❤❤
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
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'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.
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.
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
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.
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.
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?
Hold up.. how do you calculate how much money you earned throughout the year? Do you have to be literal and actually track how much you earned and how does the government know your not Lying about how much you earned? Also how do you earn tax credits? And do you have to repeat all this process with your state taxes? Like file your tax returns twice?
If you are running a business, yes - you need to keep track of your income and expenses. There are many pieces of software that allow you to do this. The government doesn't know if you are lying or not which is why they perform random audits on people who have filed tax returns. There are also red flags that alert the IRS to returns they should look into more that would trigger a non-random audit. If you get caught blatantly cheating on your taxes, you could go to prison, so I wouldn't lie. If you live in a state that taxes business income (most states do), then yes - you have to file a separate tax return for that state.
If you work for someone, you would know how much you earned for the year from a form called a W-2. You get that around January after the calendar year that you earned your income. There's a number that has "wages, tips, salary earned". That's the money you earned through the year. But if you own your business like Willoughby said, you'll have track that on your own. That's where hiring an accountant or learning accounting would help. And all the other questions Willoughby answered lol
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.
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.
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?
I didn't understand this until I paused the video and actually did the math until my numbers matched what was on the screen. NOW I understand that the first $9,225 he made is taxed at 10% SEPARATELY from the remaining money he made which flowed into a new tax bracket and THAT money was taxed at 15%, then the total tax amount from all the qualifying brackets combined is what his AGI is actually getting taxed for. This whole time I thought his entire AGI was getting straight taxed the 15% of the highest bracket he qualified for, so I was confused why 15% of his 18,700 didn't match what he was paying. Now I get that 9,225 of his 18,700 was being taxed at 10% while the rest was taxed at 15%. THAT was the most confusing part. But thanks to video game RPG's (and this video's graphics), I figured it out 😁
Right, and this is why it is not the disaster people think it is that Biden will add another tier for people making over $400,000 (if his tax plan passes (it will)). Only the amount which exceeds $400,000 will be taxed at a higher rate.
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
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???
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.
So basically instead of giving a fixed percentage of income due in taxes or deduct taxes directly from the source, they require people to make the calculations and then pay for themselves? WTH? What's the system built upon?
I’m just trying to figure out how I made 30k but will only get $400 dollars from state and federal combined. No dependents so I definitely feel like I filed wrong and am missing out😢
25 years of my life nobody taught me about taxes no matter how many times i asked my dumbass just realize i got the literal internet in the palm of my hands better late than never
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 ?
I’m gonna die when I grow up. I’m trying to write a Megaman fan fiction where a war breaks out because robots are being taxed. I couldn’t listen to a dang thing
