How much the tax man takes from your paycheck📉🤬

[@nicktalksmoney]

📌Learn how to start investing with my FREE Guide: nicktalksmoney.com/7StepsToInvest 📌 Invest with Public & get free stocks: nicktalksmoney.com/public How much the tax man takes from your paycheck📉🤬 It’s happened (or WILL happen) to all of us… We wait anxiously to get our first real paycheck, and when it finally arrives, we're shocked that we were only paid ~50-80% of what we were expecting. Well, technically, we WERE paid the full amount we were owed, but the government gets to take their cut before we ever see this money. You know what they say... the only 2 certainties in life are 1) D*ath, * 2) Taxes. This video goes over the 5 main sources of income tax. The first 3 (Federal, Social Security, and Medicare) are taxes that essentially everybody is subject to. Bear in mind that the Federal tax rate TOPS OUT at 37% for the super high earners, it starts at 10%. The last 2 (State & Local taxes) entirely depend on where you live. For example, 9 states (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, & Wyoming) don’t charge income tax, though they tend to make up for it with much higher sales/property taxes. The other 41 states have tax rates from 2-12%+. Subscribe to learn more of what school SHOULD’VE taught you about money🧠 Appreciate you! -Nick . . . . . . Disclaimer: This content is purely educational in nature and is NOT intended to be financial or tax advice. Consult with a qualified professional who understands your specific situation before making any financial decision. Nick holds the CFP® designation, and had a career as a financial planner, but does not currently advise clients and solely focuses on creating educational financial media. . . . . . *I’m an affiliate partner of Public & get a small kickback if you open an account through my link, at ZERO cost to you. It’s a great way to support the channel🤝

[@TheRealHunted]

Im glad i live in texas😊

[@engineer_pirate_hunter]

First paycheck and the feds take 37%. You have to be making over $539,900 before you hit that bracket. Must be a trust fund baby to get that on their first check.

[@hydra__yt]

I mean, that's why he said "up to 37%"

[@RoofingFacts]

Yeah, he used the largest amount he could in each bracket. or unless they are a company that factors in advance and pulls out the amount based on your yearly projected wages, which some companies do

[@top10cars2]

Yea it's a bit misleading for people who don't know anything about taxes

[@jacksonmartin7864]

@@hydra__ytthat’s very scammy and crummy tho. It just shows he’s doing it for clicks.

[@MommaMolly]

​@KZbinPollMan, but it is misleading, giving that they are saying as if this affects the majority of us.

[@daniel.the.tiger_]

The funniest part is when he said the government is using the tax money in a good way.

[@stormytrooper52]

“Good use” Yeah right 💀

[@ludekkriz3119]

"Laughs in military"

[@DukeOnkled]

Taxes are good, unless the state is so corrupted that none of that money actually goes to anything the taxes are actually for.

[@Monkey_D_Luffy828]

So most states

[@frozenturbo8623]

Every country needs taxes (doesn't apply to oil based non tourism countries) but taking too much is an easy way for a population decrease tbh

[@godkingbosssavage7877]

Taking 37 percent of someone’s pay is never good

[@KaedenOnRust]

Let’s be honest anyone and anything that taxes is corrupt lmao

[@DukeOnkled]

@@KaedenOnRust Where do you get money for public services, then? And don't say "privatize them", because that never fucking works.

[@samaritan_007]

Good use, he is so innocent

[@rockstarrussell5315]

“Well atleast the government is putting my tax money to good use No….no there not

[@melt-zi2qg]

Absolutely ridiculous, that's up to SIXTY PERCENT

[@DaPopeOfDope101]

I wish tax money actually went to good use instead of funding proxy wars and bailing out giant corporations.

[@CaseyQuotes]

"At least the government is using my tax money for good use." Are you sure about that?

[@InsideExecutive]

That’s crazy and we wonder why people live pay check to pay check.

[@LavaSaver]

I'm going to be real with you, taxes are not the reason people live paycheck to paycheck. Obviously.

[@godkingbosssavage7877]

@@LavaSaver it’s the pay that’s the reason it damn sure isn’t lifestyle if your not getting paid food it’s common sense that’s not it

[@damoneboyd9945]

37%is a lie buck o

[@mechamicro]

It gets worse on state with lots of taxes. Feel safe to get stock compensation then transform it to index funds

[@josephwerner2935]

These are the highest brackets possible, you'd need to making several hundred thousand dollars every month to be taxed at this rate

[@TheInfiniteMag]

The government be like whoops we accidentally just sent $6 billion to Ukraine

[@jacksonmartin7864]

You do know that comes from the defense budget right? Yk what that budget is for?

[@TheInfiniteMag]

@@jacksonmartin7864 for American defense or some random ass country out in Europe's defense

[@jacksonmartin7864]

@@TheInfiniteMag ok if you use that big brain of yours think about what Russia will do after it takes Ukraine? Do you think they will stop? Really? They’ve already shown signs of hospitality to neighboring countries around Ukraine. Stopping them before they take more innocent lives is what’s best.

[@ExtremeKing]

"Good use"

[@TheGraphiteCovenant]

Spends thousands on health care *Pays medicare tax

[@Imabadfisherman]

In Washington state we have no income tax but if your work in wheat agriculture they take a portion of your check for "carbon emissions". They took $900 of a 2000 dollar paycheck. I wanted to burn down the capital

[@cajunguy6502]

As someone who worked their first job in Texas, I was utterly shocked to discover some states take income tax. Of course, states that do that take less federal funding on average, so if all states did it federal tax could be theoretically cut.

[@henryleeCabin54]

Bro how did you get up to 37% of income. It’s a marginal bracket so you only pay 37% at the top incomes and everything below the threshold is taxed lower than that

[@Chickensandwichonatuesday38757]

I LIVE IN FLORIDAAAA LETS GOOOO

[@sobasically2299]

Yes good use totally

[@spacecowboy001]

🤣🤣 yeah government putting to good use like funding someone else war Bruh

[@LuisAlfredo90]

I explained to someone that we only really get 50% of the money we make in California most of it does go to taxes. You get your check after tax then reduce it it by an additional 10% to account for purchases tax and you are left with living at home with your parents at 30:"(

[@Dlowr7]

Don't forget that state taxes are a deduction for federal taxes though.

[@Notmiddleg]

The government should focus on fixing the homelessness issue

[@mitchdogstudios]

People can fix their own homelessness. It's a personal choice. Anyone who didn't want to be homeless could do what it takes to fix it themselves. Not impossible

[@goose_president5504]

​@@mitchdogstudiosyou know that isn't always true right

[@mechamicro]

It is the long beaurocratic system that never being good. Most the people live in cali are spoiled rich wanna gate away low income and poor people out

[@PeterGriffinAtYouTube]

random *tictocer* : exists Man: “Well, at least the government is putting my money to good use…” *tictocer* : well yes, but actually no

[@TOWERKNIGHTS]

Best Joke ever Put Money to good use

[@cosmictelluride]

What “good use”?

[@TheRealHunted]

I think it was sarcastic or i at least hope it was cus schools dont even have textbooks

[@frozenturbo8623]

Building the nation (it actually goes to unnecessary military spending budget)

[@Jordan_offline_]

Like sending military aid to Pakistan etc.

[@AryamAmin]

@@Jordan_offline_countries that don’t even matter

[@Jordan_offline_]

@@AryamAmin they matter to U.S, I guess

[@nzeditz5812]

Good video

[@Flightsimfun001]

Why does America have Medicare tax

[@air8536]

I swear 90% of taxpayer money goes to barrages of anti-vape ads that make people vape just to spite all of the ads

[@marshalll4.7]

Half I live in Texas

[@SerenityYoutube]

W FLORIDA

[@TheLouziest]

Happy I’m a Floridian even tho I don’t act like one

[@PFGFrankly]

Luckily Iive in texas

[@i_sw3ar]

Never been so happy to live in florida

[@Electricity667]

😂

[@lukesimonsen3002]

and get politicians l who take yo rights away 😂

[@nikhilsultania170]

America has a medicare tax?

[@alexalexandrov9684]

If they are taking up 37% of your pay check than your making over 500k a year

[@exojzz]

I live in New York City, California

[@argonoak]

Pov you live in NYC California

[@nikolas-1145]

What’s the end total for that at maximum?

[@Daveanoncomedy]

Where is state tax 12% that's insane, and I assume not true at all.

[@agames426]

This guy lives in both NY and California?

[@MommaMolly]

That is a lie

[@UNCL3_1R0H]

Are they tho?

[@Hxvert]

Those who live in NYC 💀👇

[@Bigeasymafia225]

Imagine that! democrats tax the hell out of you!

[@kostas0352]

​@user-xr7ci8tf3ewhat education? Peo people in your states don't know where america is on the map and you're talking about education? Hypocrite, the millitary is useful to maintain global influence, we must remain a superpower

[@davidspiegel5159]

proof that were too heavily taxed

[@nicktalksmoney]

📠

[@kostas0352]

​@user-xr7ci8tf3ethe millitary is much more useful, we must remain a superpower

[@Joeyblackblue1408]

Fun fact, a taxpayer voting democrat is like a chicken voting for Colonel Sanders

[@ErickStoner]

How to be a libertarian in 30 seconds

[@betterthenvirus5113]

Me in Florida ,🦾👹🤳

[@stoobididot]

I live in another country