IRS Releases NEW Inflation Tax Brackets...What This Means For You in 2024!

[@TravisSickle]

2024 vs 2023 Tax Calculator…How much will you pay? kzbin.info/www/bejne/m2armHSlerRpmrs

[@awjone0]

What are you using to test different scenarios and see what tax credits you would qualify for?

[@TravisSickle]

@@awjone0it's a program my firm uses to analyze tax returns for clients.

[@stephenfromme8112]

Forfeiting over 1/5 of your paycheck for other countries border security is insane.

[@troyestraca5717]

thats the game that was set up at the start

[@PInk77W1]

It’s gonna get way worse

[@DaveM-FFB]

Obviously, 20% of your check doesn't go to border security for any country, but I get your point. Think of it this way, though: when one of America's allies is overrun by the enemy, it weakens NATO and America as well. It's cheaper for NATO to defend all members than to claw back lost ground.

[@stephenfromme8112]

@@DaveM-FFB keep telling that to yourself. Ukraine has no part in NATO.

[@your_royal_highness]

Foreign aid is a relatively small part of the budget

[@Daniel-b1s3s]

The rise in tax rates is why I decided to roll over my 401k to a Roth IRA. I don’t want to be 59 and paying taxes on withdrawals from my retirement account.

[@FrankJaaay]

Pre-tax contributions can help lower income taxes during your working years, while after-tax contributions can reduce your tax burden in retirement. Both have their advantages, but it’s also smart to save outside traditional retirement plans, such as individual investment accounts or with guidance from a financial advisor.

[@Toni__Michelle]

I completely agree. I'm in my mid-40s, getting closer to retirement, with over $2 million in non-retirement funds. I'm debt-free and hold relatively little in my retirement accounts compared to my total portfolio over the last three years. Honestly, you can't ignore the value of a good financial advisor-just make sure to do your homework and find a trustworthy fiduciary.

[@HotManP-l5g]

@@Toni__Michelle This is the direction I want to take with my finances as I prepare for retirement. Can you recommend the advisor who helped you get ahead?

[@Toni__Michelle]

Rebecca Lynne Buie has consistently been my top recommendation. She’s widely recognized for her expertise in financial markets and has a strong track record. I highly recommend her.

[@jeffreywillis4258]

Remember folks, if for example you earn 100k a year, you pay 10% on 23.2k, then 12% on 71.1k, then 22% on 5.7k. NOT 22% on 100k.

[@stevebojo4378]

You forgot the standard deduction

[@jeffreywillis4258]

@@stevebojo4378 OK, so in my example the 100k is after the standard deduction.

[@Shandryl74]

Is this how the IRS calculates it tho? Don’t they just tax the final amount by the tax bracket amount?

[@jeffreywillis4258]

@@Shandryl74 There is no separate way from how the IRS calculates it. This is how its done.

[@MrMcSnuffyFluffy]

No matter how times you tell people this, they simply won't understand, as shown in this exact comment thread. There must be some sort of intelligence barrier that makes this impossible to comprehend. Countless people have told me, over the years, that they "stopped working overtime this year" because they don't want to screw themselves on their taxes by going into the next tax bracket. Early on, I always took the time to explain, now I just nod and smile.

[@DaveM-FFB]

Here's what most people don't realize: our federal tax system is designed to penalize salaried and hourly workers (with higher tax liability), while it rewards small business owners and real estate investors (with lower tax liability), for the same exact income. Essentially, workers are pulling the (tax) wagon while investors and business owners are riding in the wagon. Once I realized that, I became self-employed, earned much more income, and lowered my effective tax rate. It's no surprise that the folks riding in the wagon designed the system.

[@dmpi483]

capital gain tax of 15% + 3.8% NIIT tax is usually higher than most worker's effective tax rate. The big difference is you don't pay social security/medicare tax but when you get old you won't have anything to collect either. I think it all mostly a wash.

[@chazman4461]

How much do you think small business' make?

[@DaveM-FFB]

@@dmpi483 So, low income workers often pay zero federal income tax. It's the upper middle income workers (and above) who have an effective tax rate that's higher than their business owner or real estate investor counterparts. And yes, business owners do pay into social security and medicare. You can't just look at the capital gain tax rate and compare. They have several different ways to significantly reduce their taxable income. So with the same gross (spendable) income, their taxable income will be much lower.

[@DaveM-FFB]

@@chazman4461 Small businesses can net any amount from $1,000 /year to millions per year, and still be considered a "small business". My previous pool guy was clearing 6 figures in income from his "small business".

[@freethinker2697]

@chazman4461 anywhere from 50,000 100,000 to 1 million for small businesses

[@SkyClears]

Yup. The amount of taxes taken out of my paycheck basically means i work nearly three months for free. We need to become the America of tea dumping again.

[@ssjwes]

The tree needs watered

[@dfranz3551]

Where do you think those taxes go? If they weren't deducted from wages, they would be added onto something else. I don't think people realize how much taxes people in other countries pay. I don't think most Americans would want to live in the countries that pay less taxes.

[@SkyClears]

@@dfranz3551 where do they go? Excellent question! Unfortunately our government wont let us see the receipts.

[@globalnetizen956]

@@dfranz3551 Unfortunately, 13% of your tax dollars went to military industrial complex spending and 2% went to foreign aid. That is 1 for every 6 dollars spending is waste.

[@michaelisbell1079]

Making 6 figures sucks you’re right those people making minimum wage really must feel bad for you

[@user-cd9ui4qv4q]

Your explanations are great. I retired this year, lowering my tax bracket from 24% to 10% (based on 2024) Now I'm able to convert my pre-tax IRA to my Roth owing only 10% or less in the conversion.

[@TravisSickle]

😎

[@BellaLola26]

Can you share a little bit more about conversions? So it’s better to save in a traditional IRA lower your tax bracket now and then you can covert it to a Roth later ?

[@jerrybarnes3104]

Just be careful with drawing amounts if you are of Medicare age. They will ding you higher monthly insurance premiums, of both you and your spouse if file jointly. Something I was not aware of.

[@dfranz3551]

It is better to save in a 401k if you can, because the annual contribution limit is higher than a simple IRA plus you can get some employer match. You pay tax on the conversion amount at the same rate you will pay for just taking the money out of a 401k or deductible IRA. The only advantage to a Roth conversion after retirement, is if think you can make more in your Roth or you are betting on tax rates going up in the long term. If they stay the same or go down, you pay less taxes just pulling it out in small chunks every year than doing a large conversion.

[@Satjr35031]

@@jerrybarnes3104 Then your income is sufficient enough to go over the first threshold of IRMMA

[@monixx9081]

22% for middle class earnings is insane

[@ZakKypto]

Fun fact we are getting taxed more than our founding fathers that had a whole revolution because they felt they were being taxed too much. If they time traveled to the modern day America in 2023 they'd be furious.

[@TravisSickle]

😎

[@carlariggs525]

find itemized deductions, any way you can

[@DaveM-FFB]

The bracket percentages are misleading, though. It's best to focus on the effective tax rate that you're actually paying, which is roughly half of your highest tax bracket.

[@quietlike]

The income tax is insane. Its theft. Why do people even put up with it? We need a tax revolution, unfortunately too many people believe in govt and that income taxes are necessary. Tax you when you earn it, tax you when you spend it. No one says shit and just gets robbed

[@TheDexterFishbourne]

Plus the tax they take on the purchase you made with the money that they taxed you on already.

[@fuse911]

I have an appointment today with my CPA. Were gouna see how much the IRS wants this year. I hate the IRS.

[@TravisSickle]

me too.

[@keeganbrown9967]

It is so downright depressing knowing roughly 1/5 of all the money I earn is forcibly stolen from me and spent destroying our own country. We truly are living in the endtimes of this once great nation. Very depressing 😒

[@hershil12]

*and money spent destroying OTHER countries*

[@toddrunyon]

Be quiet. It's not stolen and it's not destroying our country.

[@jimmy_olds]

Amen. Our border is wide open and our govt is only concerned with border security for other countries while we’re forced to pay for it. What are they really trying to protect in Ukraine? I’m genuinely fearful of my kids’ future.

[@loritobin2578]

Welcome to the age of "Bidenomics!"

[@equisequis.55]

more like 1/4 or 23.5 % taxes coming out

[@williamantoine2189]

I don't usually comment, but this is great stuff. Thank you for sharing your hard work!

[@TravisSickle]

thank you!!!!

[@Dellahpu]

I dont know anyone who makes 100+ a year so we average American who only make 40+ cant relate to this. Thank you for the time in explaining.

[@kevinkendall2182]

Do not assume you’ll be in a lower marginal tax bracket when you retire. You have no way of knowing. As an aggressive saver in my 401K and IRA who is now retired, my RMDs and my income’s impact on my Social Security (plus IRMAA impacts) make me wish I had put more savings into Roth vehicles . But at the time I was focused on the tax impact during my working years without knowing the tax pitfalls during retirement because I fell for the idea that retirement tax rates will be lower.

[@ernieellan5694]

So wait are you sying when you were working and saving you were making like 50K. Now that you are retired and making 25K you are paying more in tax? Man you must have some really high math skills here.

[@kevinkendall2182]

@@ernieellan5694 The surprising thing is our taxable income has not gone down after retirement. We currently have our two pensions, Social Security and Minimum Required Distributions from our large 401K holdings. We’re no longer maximizing 401K & IRA contributions to counteract earnings as we did in our working years. We’re no longer making significant charitable gifts to our Gift Trust but are now distributing those gifts. Until retirement I never understood how earnings above certain limits will decrease Social Security’s payment for Medicare. So, don’t blindly assume you’ll be in a lower marginal tax bracket when you retire.

[@Poisson4147]

@@kevinkendall2182 I can vouch for that. We’re both retired, not as well-situated as you are but doing OK. We both worked past retirement so RMDs kicked in rather soon after. We’ve only had 1 year out of ten when our combined incomes were less than before retirement.

[@Satjr35031]

I guess he forgot about the TCJA that lowered taxes for the majority of Americans Forgot about the tax brackets and IRMMA being adjusted every year for inflation

[@equisequis.55]

I did not realize this about the tax amount. Now i dont have to worry about going over the tax bracket. I can work all the overtime I want now. Thanks for the info.

[@maryrenaud6732]

Taxes apply to adjusted gross income AFTER the standard deduction. If a large part of your income is from social security for a couple, AGI generally far below standard deduction. Taxes =0%….

[@Treyk901]

This is the best explanation of effective tax rate I’ve heard. Thank you.

[@TravisSickle]

thank you!

[@RealdoseofTruth]

For those of us in a state that has state income tax as well- all the best!

[@katielee7364]

good god, we got taxed to hell and back last year through state tax.

[@sandyolsen9776]

How about a Commonweath tax? My state isn't even a state! Why I am I paying a Federal tax for a union that I am not part of?

[@monicadelreal8212]

Thanks my husband and I need it. We live in CA. 😬.

[@aprilmeowmeow]

I'm in Texas, no state income tax. Sales and property taxes absolutely blasted our asses, though.

[@erika8884]

The Tax rates shown are always falsely given by the IRS. We also pay social security and medicare tax. I don't understand why these taxes are not configured in our overall tax rate.

[@TravisSickle]

Not all income is subject to those taxes.

[@matthewfensterwald1853]

Great video for explaining tax brackets, excellent work!

[@ArabellaPottery]

The problem is that the government only want's you to focus on federal taxes. Which is not a true tax outcome. If you add fed, state, medicare, and OASDI. Then My true tax is 26.5% of my paycheck. Also anything forced on Americans is also a tax in my opinion. Heath, car, home insurance. Property tax, gas tax, sales tax etc. If you add all this up I get to keep a lot less than 1/2 of my wages. That's over 50% of my income. We also pay tax on cable, gas, electric, water, tolls etc. It would not surprise me if added all together it would be over 60%. Most people's retirement

[@TravisSickle]

Right! taxes are everywhere and it's terrible.

[@DJSolistica]

It's what you're doing with that remaining 40% that makes all the difference in the world.

[@Kenneth_R]

Honestly all income under $50k should be tax free since you will pay a bunch of taxes (sales etc) already just by paying living expenses.

[@Tavohl]

Really wished all the unhelpful comments would go away. Thanks for explaining this, i had no idea the brackets changed with inflation.

[@isaudy]

If nearly all utilities are privatized, "public" transportation is a paid service and the best roads are owned by corporations for whom we pay tolls... - Why are we paying taxes? - Taxation without representation.

[@TravisSickle]

Maybe

[@jrey6186]

We pay taxes to fund all those vouchers the breeders claim to need -

[@DJSolistica]

You could not be more misinformed.

[@isaudy]

@@DJSolistica Enlighten me.

[@ericfaley9019]

I can’t believe the 10% tax jump on single @47,250. 12to 22% ouch. The middle class gets hit the hardest. IRS has it wrong like normal.

[@Satjr35031]

You have to go over $100,000 to start the 22% Remember you have a standard deduction of $14,600 in 2024 for when you file in 2025. If you make $115,000 you pay the 22% on the $400 only

[@aprilmeowmeow]

​@@Satjr35031 This could be repeated 10000 times, and they would still not understand lol

[@tumulamahesh7359]

Video is clear and informative about tax calculation

[@TravisSickle]

thank you

[@christianramos8237]

Excellent explanation about this topic. Finally I can understand it. Thanks a lot !

[@rell660]

That 12 to 22% is crazy.

[@skeezix8156]

Wait til the TCJA expires. Its going to be bad

[@Satjr35031]

@@skeezix8156 Hopefully they will extend it past end of 2025

[@prittsybaby]

People saying wages need to rise to be livable wages aren't saying the standard deduction should be raised to a livable wage. There for, even if you arent making a "livable wage" you're still going to be paying taxes....

[@grantechsweng5268]

I live on 30k a year I make 6 figures I bank all at pre tax. you can live cheap and function. used car no woman no boose. Warren plan

[@angelajames7917]

Thank you so much for your clear explanation. I always thought my whole income is taxed at the rate for the range it fell in, instead of staggered.

[@TravisSickle]

Glad it helped. The correct term is “progressive,” it’s a progressive tax system.

[@apeel2008]

Any chance you would share the excel spreadsheet that you created and show at timestamp 2:40?

[@TravisSickle]

Yes, I’ll put it on the discord channel, link in description. It’s free for channel members.

[@JB-uw5yh]

Very clear delivery. Easy to learn what you are teaching.

[@TravisSickle]

thank you!

[@stevebojo4378]

Before income tax was a thing, there was just a consumption tax (mostly on booze). Income tax came out of prohibition. Since prohibition was repealed, so should the income tax.

[@erich6860]

Huh, prohibition was before 1861? Because in 1861 Congress placed a flat 3% tax on all incomes over $800 and later modified this principle to include a graduated tax. It was repealed in 1872. The income tax as we know it started in 1913, corporate taxes was 1909. The 1913 tax started to finance World War 1.

[@jainthorne4136]

Nope. Passed Congress in 1909 and ratified in 2013 which was before prohibition which started in 1920 and ended in 1933.

[@stevebojo4378]

@@jainthorne4136 My argument stands. If it wasn't ratified until 100 years later then it should not have existed at all. Repeal the Federal income tax.

[@stevebojo4378]

@@erich6860 I didn't mention the 1861 because it was repealed. Just like the Federal income tax should be as well.

[@erich6860]

@@stevebojo4378 That's fine, but the income tax still existed before prohibition.

[@TimsSite]

Wow brilliant my friend I wish I'd stumbled on to you sooner.... great information ✨

[@matthewc3120]

That a really nice spreadsheet you put together to calculate taxes. I hate the new version of the W4 ...far more complicated than the prior version where you select number of deductions and done.

[@haiangnguyen2539]

This is just federal tax. After federal tax, we still need to pay state tax, property tax, sale tax, medical tax, etc…😔

[@emilianogabriel9613]

So some Family moving to a state without state income tax like Nevada florida Washington

[@grantechsweng5268]

I live in a tent. have public wi fi free food

[@ivorybeaststarship7739]

I've been lucky. I live in ny and being retired they have a state 20k exclusion so I kind of break even.

[@VelcroElGato]

The tax system in the USA taxes income and not wealth. Build wealth correctly and it can in effect be almost tax free. I love the smell of captalism in the morning!

[@DJSolistica]

A sight for sore eyes, somebody with actual financial intelligence!

[@davidyummus6259]

Using American Terminology, Australia has a Tax Free Threshold (Standard Deduction) of $18,200 for a single person BUT it's applied instantly (by calculation of projected earnings) which means the first $18,200 is NOT taxed in the first place leaving you more money in you pay check each pay day.

[@dfranz3551]

That's basically the same thing as the US standard deduction except for the fact that the single standard deduction for 2023 is $13,850. The withholding tables take that into account if you fill out the W-4 correctly. If you make $13,850 or less, they will not take out any federal withholding. They will still take out thr Social Security and Medicare tax because that is a fixed percentage.

[@DJSolistica]

In Australia if you make between $45,000 - $120,000 you pay a whopping 32.5% income tax. (HOLY F). I assure you, even with your Tax Free Threshold you are paying more than and individual in the USA making the same amount.

[@davidyummus6259]

@@DJSolistica Dont forget the 19% on the $18,200 to $45k as well as that 32.5% 🙄

[@GuitarJams-zs7yf]

That was interesting. I didn't know tax worked like that. Thanks.

[@robertbrown4152]

Can anybody tell me why my social security tax withheld higher than my federal tax withheld . I only made sixteen thousand this year, and Social Security took half my income tax😢😢😢😢.

[@stewpadasso154]

So how the hell am I, as a single, is paying, like last year, I made 95k. And my federal alone was 28k. Is a lot of overtime actually that damning on the calculations? I worked for a smaller company where I had no company deductions but at the end of the year my total deductions were 48%. I am getting so screwed.

[@BassRacerx]

hire an accountant / tax preparer.

[@stewpadasso154]

@@BassRacerx the last time I did that, they had me paying an extra 2 grand and wanting 500 Bucks to basically do a TurboTax forms. Man I wish I was smart enough to understand microbiology.

[@chazman4461]

We have a tax proffesional to do our stuff. We found out that Turbo tax and some of the others have screwed us in the past. I would look around and get some different opinions from other tax proffesionals.

[@TV-xv1le]

That makes 0 sense. Even if you include FICA that still makes no sense. It sounds like your job is not calculating your taxes properly, and whoever is doing your yearly tax return is screwing you over out of thousands of dollars. Get another tax preparer cause this one you had screwed you. Last year I made around the same as you. My federal was about 15k excluding social security and Medicare. My total taxes were about 27k but keep in mind I pay state tax also being in NY. I also got some money back but I own a house as well.

[@TravisSickle]

Yah, that does not make sense.

[@AzarisKraycar]

Do you have a link for that calculator you built?

[@TravisSickle]

All links are on the discord channel. check the video description.

[@DaveM-FFB]

It never made sense to me to calculate your effective tax rate using your "taxable income" instead of "gross income". The metric that's important to me is "what percentage of my gross income am I required to pay in federal taxes?" That's the percentage I don't get to keep.

[@TorqueKMA]

Well based on your previous comment, it's because you are a business owner? The rest of us indentured servants, get to keep more money in our pockets if some of our biggest monthly expenses (Healthcare, retirement, daycare, etc.) Arnt calculated as part of our taxable income.

[@dfranz3551]

What?? That makes no sense. Why would you figure it on your gross income when you are only taxed on your taxable income. (Taxable Income - your Adgusted Gross Income minus your Standard/Itemized Deduction) Using your Gross income would make your percentage all wrong.

[@DaveM-FFB]

​@dfranz3551 Actually, I personally calculate my effective tax rate using my adjusted gross income (which includes business profits). Here's my logic. If we weren't required to pay any federal income tax, our take-home pay (income) would be 100% of adjusted gross income (AGI), which is income from all sources. So our effective tax rate would be zero. Whatever federal income tax that we are required to pay is a percentage of our income from all sources (AGI). If I receive $1,000 (AGI) and I owe $100 in federal tax, my effective tax rate is 10%. That's how I see it.

[@chublez]

​​@@dfranz3551to know how much of my income as an effective % went to tax. How much of a % of a arbitrary % isn't as useful for me over time as the deductions and my tax situations change, I'm personally interested in my real effective paid tax rate. Edit: to be clear I think your confusion may be thinking we're counting sheltered retirement acointe that will be taxed later, negative we poor folk aren't sheltering like that. In the videos example and in all "effective rate" maths the deduction(s) isn't factored and that's the main thing I think folks wanting a "true effective" are trying to math out. I still earned that $14k and didn't pay tax on it. To me the video examples "true effective"(making that term up on the fly btw) rate would be more like 13% than 16%. He didn't show any complex sheltered acounts or Ira savings etc just $13k in taxes on $100k income. I'm no mathematician but if that's me I feel like I payed 13% not 16%.

[@sadsciuidae3425]

this is BS ... COLA is 3.2 and taxes went up 5.4 ... the GOV knew this in OCT ... vote for the Orange Man

[@marcelinorodriguez7628]

I feel like my tax preparation is going to up this year negating any saving I would have made

[@Everydayprojects365]

Is that for your federal taxes only or everything combined? Does this scale apply to all taxes like ss tax?

[@dfranz3551]

Yes, just the federal taxes. The Social Security and Medicare tax is a set percentage of your wages. Your state tax rate depends on were you live.

[@johnkevin1104]

this is very helpful! I'm wondering if we can get access to your spreadsheets? they're very helpful to visually understand information. thanks!

[@TravisSickle]

Yes you can! It’s on my discord channel, link in description. It’s free access for KZbin Channel members. I’m posting all my spreadsheets there.

[@nobrizzle]

Thanks for the breakdown! I thought I remember finding fillable PDF forms online where they automatically calculate for you years ago but can't find them. Have you seen these?

[@TravisSickle]

there are tons of calculators out there.

[@nathansimhiser731]

What was did u use to create the different scenarios? Would like to try it out for myself

[@TravisSickle]

Program we use for our clients.

[@sagarsriva]

Great representation! Can we get access to your excel sheet?

[@TravisSickle]

Yes, link in description. It’s on discord channel, which is free for KZbin members to download.

[@marcr2204]

in spite of living 20 some years in USA i didn't know that tax brackets i was thinking flat % one bracket on total earnings that gets applied to indiviual

[@adatit]

How can i get access to that system you are utilizing to plan out scenarios?

[@TravisSickle]

We use it in our practice for our clients. The google sheet is available on the discord channel. Free for channel members.

[@lorenzoechevarria3235]

Im just here trying to make that graph instead of argue about taxes. Knowledge is power 😅

[@petermarshall5450]

Very well done. Thanks. Follow up for retired taxpayers!

[@Forerunner42]

Are the spreadsheets you use available publicly?

[@TravisSickle]

Channel members can get it on discord. Check pinned comment at top.

[@VegasRichieRich]

How do you set up a pre-taxed Roth IRA? If your work doesn’t offer any type of retirement or 401(k)? Is that something that goes through your HR department or you do it at the end of the year and report it to the IRS

[@TravisSickle]

it's possible. reach out to our office if you need help.

[@DJSolistica]

A pre-taxed Roth IRA? When you make money from your job, you pay income taxes. That IS the pre-tax step. You can then take the left over money (this is what your employer ends up writing your check amount for), and do with it what you wish. Pay bills, rent, buy food, etc. You can also put it into a Roth IRA! Up to $7,000 a year starting in 2024. (And until March-April of 2024 you can still invest the $6,500 max amount for 2023). It's as simple as going to a brokers website and making the account, Fidelity as an example (there are many). You just deposit the money and invest in the markets. Any gains you end up with will be tax-free AS LONG AS you do not withdraw the gains before you are of retirement age. The basis is already taxed though, you already paid for it. You don't have to put in all the money at once, you can put in $500 a month, or $5 a month, or $7,000 one time, doesn't matter, just can't put in more than so much a year (there's a ceiling on it).

[@Jaynwhite_escape]

Awesome comparison. I like your spreadsheet you are using. Is that available by any chance? I am trying to see what I need to save compared to what I want to do when my wife and I retire.

[@biggooseadventures]

0:41 we don’t have one since the weather don’t pay their fair share. 0:41

[@klopad57]

First time i've watched a video of yours. Instant Like and Subscribe! Great content and visuals. Look forward to watching more of your videos in the future!

[@JohnWilliams-nj2nd]

off topic, but who did that cool wall behind you? is that tile? wood?

[@johng.4959]

Well presented! Thank you!👍

[@ANGELCRYPT0]

Why are singles taxed more?

[@aprilmeowmeow]

This is only true if the people who get married have large differences in their income. If two high earners marry, it's usually detriment for them to file jointly.

[@emr9772]

can someone help explain how he determined the 35,550 and 38,250? I understand they contribute to the 85,400 total but can't seem to understand. Thank you in advance!

[@TravisSickle]

Become a channel member and I can dig in more to explain.

[@faithanddevotion]

Great video....I just subscribe. I'll be watching your videos for more learning. Too bad we don't get raises that keep up with inflation huh? Anyway, appreciate the breakdown.

[@ollieincc2772]

Great video. Can you share what you use to make the mouse cursor into the moveable red arrow? That is one of the best screen recording pointing methods I’ve seen!!

[@TravisSickle]

a plugin I use on my PC. makes editing the videos much easier and hopefully the audience likes it.

[@gvv1mhh]

Thanks Is the tax calculator spreadsheet available for download by the way

[@northwestlife_9]

Very well done!

[@sheilabassett3188]

What is the difference between single and head of household ?

[@henrylopez8039]

How much money do you have to make in a year to to have to report it to the IRS

[@atalkingcat73]

What software are you using to draw those arrows?

[@shaydesofblue2281]

Wished they teach stuff like this in school. This is mind blowing information. Wait, what about the rich people. Why they don't pay much?.

[@HuckleBerry476]

It’s deliberately not taught.

[@DJSolistica]

The top 1% of earners in the USA pay over 80% of ALL taxes that the US government collects. So please, enlighten us as to how the rich don't pay any taxes?

[@gerrygalvan7313]

What is the software you are using and is that something we can buy?

[@nathanchapel5950]

Dude, I love the hexagon background. Where did you get that?

[@TravisSickle]

lol. Thanks. They’re sound panels. amzn.to/3T2o4oa

[@AnimeLover-yd6uw]

This is confusing af… it would be nice if the government doesn’t take as much taxes cuz they are just wasting our money funding wars. If we are paying so much taxes, I wanna see that money spent to help Americans. Let’s put America first please! Help homeless people, sick, student loans and disabled people. 🇺🇸

[@mmane257]

thank you for this information sir.

[@Mr.conserv]

How much for the spreadsheet

[@andyincalimoto843]

is it me or his bookshelf about to buckle? lol...... thanks for the information :D

[@lvldupp]

How did we calculate the 13,841? Only part I’m lost on

[@lvldupp]

It’s the effective tax nvm

[@user-kz1tk7sj9p]

IRS needs to be abolished! Absolutely being robbed

[@Crybabehot]

The DOJ and FBI too

[@Jay-Atom50]

Is the spreadsheet available for purchase? Don't want a monthly channel fee.

[@briannacc3983]

Do members of Congress pay these same rates or less since they are paid from the Treasury? Do they get any tax breaks? Thanks

[@TravisSickle]

No

[@CommanderKlag]

I cant find the 2024 spreadsheet resources for download, where are they?

[@Noneya2224]

Is this for business owners too???

[@TravisSickle]

Small businesses flow through to personal taxes.

[@michaelo9174]

Can you share the spreadsheet for the tax deduction calculator?

[@EFFTrudeau-001]

Man i wish we had this low tax rates up here in canada

[@santhoshajjampudi-sj4ko]

@travissickle I really love your content thank you soooo much for educating.. I really wish if you could do a video on Virginia 529 plan please 🙏 we have a 11 month old and wanted to start a 529 plan this Christmas for his birthday ❤

[@John-dp3ln]

Not contributing to a Roth kicks can down road. Having a giant deferred 401k/ira is a big future problem for post RMD and heirs. Roth makes most sense imo.

[@raphymartinez]

Thank you for the information. Any chance we can get that “quick tax calculator” spreadsheet you showed?

[@raphymartinez]

Aaaannnd just saw the first comment and where it is. Thank you

[@OTseven]

Thank you😮

[@TheMrtuber]

Can you share the spreadsheet

[@TravisSickle]

It's free for KZbin Members.

[@stevehill7201]

Hey Travis watching another of your videos if you just fill out the top and sign the W4 its auto calculated. Saying that if filling joint does spouse do the same ? Can they opt to input an amount that would be extra ?

[@stevehill7201]

I have watched alot of your videos and understand its better to use the calculator but,, Im wondering if the just sign it method is closer to the fold filling 0 to make sure you get a return ? I ask because this year I took a leave of absence for almost 3 months and going back to work 12/13 and not sure if I input the information it will give me the correct answer. Thanks for your help

[@deanomarshall2926]

If you're over 65...isn't your standard deduction a bit higher? Thanks!

[@TravisSickle]

yes, same as last comment. 😎

[@GioThaDon]

Can we get a copy of your calculator?

[@dukejason]

I can’t take all the taxation I’m so sick of it. It’s like I’m in quick sand.

[@DJSolistica]

Quit your job and make 0$, then you don't have to pay any taxes!

[@ChadAmI80]

Great video. Do you have those spread sheet calculators available for share?

[@stitch438]

How about just make them? Not only will you have what you want, but you'll have a better understanding of how they work and what goes into the calculations.

[@Retiredmco]

My effective tax rate is 3.9 to 4.3% depending on the year.

[@TravisSickle]

nice. keep it low.

[@Retiredmco]

@@TravisSickle Thanks, and that's my plan 😺.

[@Kaleembaig12]

thanks for sharing the video. Can you share the Excel sheet?

[@1278Jdog]

Can you share your tax bracket excel/sheet?

[@TravisSickle]

Yes, it’s on discord. Link in description. Check the pinned post too.

[@dafox0427]

how can the same dollar amount be the max in one bracket and the min in the next? Seems like this would cause double taxation on that dollar amount.

[@TravisSickle]

No

[@DJSolistica]

bruh

[@Poisson4147]

One is “up to”. The next is “above”. There’s no overlap on the boundaries.

[@daveulrich4623]

These people live among us

[@riverlady7023]

What should I do if I was making payments all year for 2022 and then was sent a bill that I still owe them plus interest so when I called them they said they put those payments towards 2023 year? I told him I don’t know what I owe in 2023 why would they do that and they said well will refund you but now I still owe 2022 with interest. what can I do?

[@TravisSickle]

Don't accept the refund. Have them apply it to 2022.

[@riverlady7023]

@@TravisSickle thank you 🙏🏼

[@carlossaenz4075]

Could i deduct my new ac that I installed at my house

[@TravisSickle]

Maybe