How to estimate your personal income taxes

In this video I'm showing you how to estimate your income taxes in about 2 minutes. The reason to estimate your taxes and tax liability is so you know how much you’ll owe to make smarter financial decisions.
We're using a fast tax calculation using IRS Publication 17 tax tables to estimate your individual tax liability. It’s only one method of quickly estimating your taxes and certainly not the only way.
The tax estimate or tax liability does not include qualified dividends, long term capital gains, credits or other adjustments.
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#travissickle

[@lisaboston9162]

OMG why has it taken me weeks to find someone who can explain this simply?!! Thanks 👍

[@TravisSickle]

Welcome!

[@cheeseburger6001]

I don’t understand why this isn’t taught in schools.

[@TravisSickle]

I don’t know either! 😎🤪

[@benstevens2164]

Because young ppl wouldn't blindly vote Democrat

[@nickmccall7245]

It is taught in school it’s called Personal finance for when I was in it

[@cheeseburger6001]

@@nickmccall7245 Yeah my highschool never had that and my college never required it lol

[@patg555]

Finally! Someone who explained it without talking to hear themselves speak

[@joeyp9051]

Man this was soooo helpful to me. I used this and the business and personal extension filing. You're awesome man! Keep up the good work.

[@rockfish6766]

Good job! You labeled the video properly and addressed the topic. ( That should be what most videos do, but they do not.)

[@menaguirgues8182]

Thank you Travis for this great video

[@hanamirhaji8132]

Big thank you. I could finally calculate an estimation 🎉

[@singlemom1089]

This is so much easier to understand and insanely useful. Thank you love.

[@TravisSickle]

Glad it was helpful!

[@jericodiaz]

Excellent video, very quick and easy to understand 👏

[@Caesar__99]

Does this apply to state taxes as well? Do we have to estimate state taxes?

[@desireemosher2719]

BIG Thank you for a nice and simple explanation 😊. Very helpful 👍

[@TravisSickle]

Glad it was helpful!

[@tarabrown4105]

This was very helpful🎉

[@jeanayetts6665]

This was so helpful! Thank you!

[@TravisSickle]

Glad it was helpful!

[@paulcali08]

I'm now retired and have only IRA distributions and savings/CD interest as income. Since these amounts will vary throughout the year, can I just estimate my taxes that were due for the previous quarter, and pay the IRS? No guess work...just look at what my income was the previous few months and pay by that quarters deadline?

[@adamaponte8850]

super insightful!! thank you!

[@TravisSickle]

You're so welcome!

[@user-oj2lx1qh1w]

Hi Travis, could you please help show me how to calculate my incone. Let say I got 60k and how to calculate it to know me net?

[@daysirosales2731]

Is this the same calculation for employers to calculate employee’s Fed tax withholding? If so, do you take the estimated tax and decide by pay periods?

[@NinaLopez-ss3oj]

Thank you very much so much for this video. Very instructive.

[@TravisSickle]

Glad it was helpful!

[@dailydreamer5639]

Hello, thank you for this video. One question plz: I earned as an independent contractor $6,375.88 from September 2023 to January 5, 2024. How much money do I owe the IRS as estimate tax? And when I am gonna pay, which tax year to mention? 2023 or 2024? Waiting for your response. Thank you so much.

[@linakabell]

The best info!!! Thank you so much!!!

[@sonyafromtheh6225]

Thank you so much!

[@TravisSickle]

You're welcome!

[@tsoo6448]

After it all, is this the number we owe for the year?

[@abisolaalabi3342]

Hi. My tax preparer told me i qualify for 1700$ only in tax return cos i earned 13000$. Therefore as head of house hold with 2 dependents i do not get any refund on rhe dependents is this true? How do I get a bigger tax refund.

[@JerryLL]

Let's say I'm retired and not paying social security or medicare taxes, would this 15% taxes only cover Federal tax, if so, what percentage would go to state tax?

[@TravisSickle]

This is only federal.

[@WideSpectrum]

Would also like to see the example with the 401k taken into account

[@TravisSickle]

that's a good suggestion. I wrote it down for a future video thank you!!!

[@PBTKaizen]

so the tax table is what tells you how much fed income tax you will pay post the standard deduction...correct?

[@WalletInvestUSA]

So basically we have to subtract the standard deduction 2024 ($14600) from the total amount (box 1). And then check in that list online how much we'll have to pay in taxes?

[@JessicaMead01]

So after finding you taxable income, then finding the amount that tax will cost you, do u subtract what you've already paid in federal and state taxes or?

[@TravisSickle]

Yes, but this is only federal calculations so not state.

[@davidbea3711]

i havent filed in decades cuz ive been homeless or living in homeless shelters. But i am currently inheriting a $400k distribution. Question: Can I minimize my current income tax burden over the last 5+ years of poverty. Additionally, can i spread the estate distribuion over the next 5-10 years in order to further reduce my future tax bracket?

[@mohammadrayyan7851]

Hope it's not too late, but my advice is to try to buy some property to ensure that no matter what you're never homeless again, and spend your money carefully, all the best buddy :)

[@menaguirgues8182]

If I am renting a house, could the rent be subtracted from the tax?

[@TravisSickle]

No

[@zombiekz7829]

Hey, what about 17 year olds and under? I didnt file last year because i didnt know i had to. I got told i get everything i pay in back. But ive made over 14k income this year. Could you please help me understand taxes for minors!

[@douglackie3777]

Yes you can go back and file. You can go back 3 years

[@rickyjames2508]

I see why people try and hide their money, jheeze! But great explanation.

[@rosalynbrooks7195]

How much taxes should be held out per paycheck. I have changed my W4 and still owe in taxes.

[@TravisSickle]

depends on your situation.

[@Mrpimble]

Is this just for the federal, state, fica or all of the above?

[@TravisSickle]

federal.

[@abrahamfranco4405]

@@TravisSickle that doesnt include FICA? JUST FEDERAL INCOME TAX?

[@mikaalawais5762]

Super helpful, indeed! I'm wondering if there's only federal tax owed by people earning employment income as this video only covers how much federal tax is owed by an employee. However, as someone who's struggling to get it's head around net payable tax in Ontario, I'm not sure if this shows the full picture of what total tax liability looks like. My annual gross income is CAD $66K and according to this video, the tax payable is $4160 (i'm married so will use the relevant bracket). However, the tax already deducted on paystub for the tax year 2023 is $13k. I don't think that government owes me the difference $8,840 ($13k-$4,160). In addition to $4,160, which is federal tax, I know for sure there is provincial tax payable as well. Okay, but then, is there any third item or more on the list that employees have to pay on their employment income other than Federal & Provincial tax? If so, what are those and how do we calculate them?

[@TravisSickle]

more complex question than this video was made to answer.

[@anasmikail9276]

Why can they just tell you they want like 25% of what you made ?

[@eliwithey]

So damn confusing, didn’t make no where near that…. Gave me no information how to find mine. I need how to find the return. I don’t have to pay taxes….

[@mikefasho8492]

Does this include state taxes as well?

[@TravisSickle]

no

[@mikaalawais5762]

@@TravisSickle other than federal and state taxes, what are the other types of taxes an employee has to pay assuming the only source of income for the tax year is employment income?

[@joanaw.1379]

I didn’t understand the math you did in 4:00. Could you please explain why it is 137 instead of 87k?

[@TravisSickle]

Because that example was for $150k

[@zachpeifer9535]

Is this accurate for self-employed too?

[@TravisSickle]

Federal income taxes are the same. Self employed taxes are equivalent to FICA for w2. So yes, it’s accurate for federal taxes.

[@samanthaduarte8297]

I dont want a refund by the end of the tax period, how can i figure this out?

[@TravisSickle]

estimator.

[@MarcP5267]

Hi how about allowances?

[@TravisSickle]

Only standard deduction and dependent credits. No allowances anymore.

[@darylbanquil-jg2pj]

With that example , let's say I have a capital loss of 10,000usd from my Bitcoin portfolio, I bought high and sell now , how to apply for tax harvesting? Thank You!

[@TravisSickle]

Tax harvesting is a strategy not an accounting method.

[@user-oj2lx1qh1w]

This my first time

[@canocano5480]

Is this for self employment?

[@TravisSickle]

Yes

[@mytravls]

Can anyone pls explain to me how did he get the number at $137000? I watched it twice and I’m shaking my head.

[@ej3420]

But what if you have so much overtime work?

[@TravisSickle]

Overtime taxes

[@keithely2303]

this was super simple. what about state taxes?

[@TravisSickle]

yes....I'm not covering that in videos right now since every state is different.

[@koolkid6773]

Is this for a 1099 self employed???

[@TravisSickle]

No, but I have a video on that too.

[@TravisSickle]

kzbin.info/www/bejne/ipq0p4mibKd2q7c

[@koolkid6773]

@@TravisSickle trying to figure out if I should put aside 15 or 30 percent I live in neveda

[@TravisSickle]

Depends on your income

[@nesfinance]

My question is how much is needed to be made to owe enough to buy a jet instead

[@TravisSickle]

😂

[@nesfinance]

The answer to this is 200 million in the usa

[@garybregel4606]

The 100,000 is after deductions, right?

[@TravisSickle]

No, gross.

[@garybregel4606]

@@TravisSickle I thought you figured the taxes with the net, after the deductions.

[@wadupdox3519]

TmarTn??

[@TravisSickle]

hwat?

[@wadupdox3519]

@@TravisSickle you sound just like a call of dity youtuber

[@TravisSickle]

Haha. Drop a link to their video so I can listen

[@toycarpgmr]

How much did you make last year? How much do you have left? Send it.

[@TravisSickle]

😎

[@shaysfashionablejewelry9859]

So this is how you do your taxes for your job ?

[@youngflashy4047]

That’s what I want to know

[@TravisSickle]

yes

[@TravisSickle]

yes

[@aidendaprophet]

Yooo how do you get the income do I gotta add shit together do I gotta multiply??. You explain everything else perfectly but blow pass the 1st step not explaining how to calculate the income like really??

[@user-bs7ig3xz8q]

Well you're going to have to update you know how to pay taxes if you owe on 1300

[@benjamindegadoi8924]

Ok but....HOW DO I PAY IT? 😂 Like ware do I go the court house down the street?

[@TravisSickle]

IRS tax office.

[@MarcP5267]

It’s a ez. I’m single and My salary is $62k. My taxable income is $62k - $12,950 = $49,050 taxable. Go to that chart to 49,050 - 49,110? 6,545 should be taken from my pay?

[@Jet.Single]

Wtf I paid 15k in taxes last year and i made 57k that left me with 43k gross. Smh that’s disgusting. I have to pay the government 15k a year to live and I make less than 60k a year

[@TravisSickle]

August 2, 2023

[@johntatman8182]

The sad thing you're only talking about the paycheck you're not talking about every time you go to the grocery store and pay taxes on that and anytime you spend money you get taxed again on the same money they taxed from your paycheck and you pay property taxes come the end of the year the money that you brought home about a third of it is paid out in taxes

[@Mike.Sadala]

This tax shit is ridiculous. They should abolish the IRS. I don't feel sorry for anyone working for the irs either

[@TravisSickle]

😎

[@dennishipsley8703]

Why is everyone concerned about taxes, PERIOD!! 26 CFR 1.0-1 paragraph (d) from the IRC OF 1954 clearly says TAXABLE YEARS began December 31 1953 and ENDED AUGUST 16 1954 passed into LAW by the 83rd Congress AS LAW and published AS Volume 68A in the United States Statutes at Large for anyone to look at..... AS LAW!!!!....NOT some stupid IRS "rule." Any Subtitle F compliant enforcement provisions took effect the day AFTER the date of ENACTMENT which was August 17 1954 but on that day there was NO TAX TO ENFORCE AS the tax died expired the day before which was August 16 1954!! There HAS NOT been a lawful legal ENFORCEABLE INCOME TAX in this country for 70 YEARS!!!!

[@Gunshiner]

You don’t pay taxes???

[@joewhiles9975]

Wow..mind blowing shit bro,!!!.. thx