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@giovannijuarez69348 ай бұрын
What if I'm married and my wife doesn't work
@reynaim61828 ай бұрын
Hello, I have a quick question. When you explained about progressive tax system, the example of taxable income was $47,000. When it breaks down to portion of income calculating, isn't it $11,000 *10% and then $36,000*12%? Since the tax bracket explains that 12% tax for income range is $11,000 to $44.725. If I am wrong, let me know. Thank you.
@RSquared-travel-rewards10 ай бұрын
Great video. Thank you. It is so cool that i get this great info in just 11mins.
@FIREPsyChat10 ай бұрын
Glad to help!
@larrysteele687110 ай бұрын
Awesome video - I never understand how my tax accountant computed the final tax rate. To me it was like some big mystery, now I understand. Thanks!!!!
@FIREPsyChat10 ай бұрын
Glad to help! Help me share it
@ScottyBoyPea9 ай бұрын
I still don’t understand why they have such a dramatic jump from 12% to 22%. Why doesn’t anybody else get a 10% increase 😭 I got a pay raise and it put me in the 22% bracket and like whyyyy. Its like i didn’t even get a raise with a jump like that
@RudolphDocCampos9 ай бұрын
You can thank the democrat party for that.
@ChocoTulak9 ай бұрын
Can you tell me what GOP party did good for middleclass last 50 years? I do not see any!
@Motivat3d919 ай бұрын
@@ChocoTulak The GOP doubled the child tax credit from $1,000 to $2,000, doubled the standard deduction so we paid less taxes and just recently back in 2017-2019 we had record unemployment which made workers more valuable. For the first time in a long time we could demand higher wages or easily find a job somewhere else with bigger bonuses.
@tingnixoxo9 ай бұрын
You still have time to deposit money into deductible retirement account if on the edge of higher tax bracket.
@GeorgiaNicholson-c2u9 ай бұрын
Watch the video.
@laneproductions37498 ай бұрын
Brilliant breakdown honestly I have a better understanding
@ChocoTulak9 ай бұрын
Thank you. After so many yeas I learn something new I had no idea how really works🙄🙄🙄🙄
@FLOODOFSINS6 ай бұрын
Great video! I think the only part you forgot to mention what's the Irma tax
@Electronzap9 ай бұрын
Good info.
@akray11538 ай бұрын
i'm gonna appear for the Regulation CPA exam in a month or so, this really helps. Thanks
@theoriginalmrs.d53810 ай бұрын
Very helpful video - thanks!
@FIREPsyChat10 ай бұрын
Awesome!!
@capsula20077 ай бұрын
My TAX REFUND will go to buy TESLA car. No question Tesla cars has solid reliability vs gas engine. At least a down payment for TESLA will save you a lot in in the long term. Saving big in gas, less maintenance in oil change and reliability is huge vs gas engine. Model 3 and Y are more sold cars
@stacyjohnson739510 ай бұрын
I’m over here enjoying your memes 😂 thank you for your support in giving us great content 👍🏾👍🏾
@FIREPsyChat10 ай бұрын
Heck yeah!!!
@SnailMailBrian3 ай бұрын
Damn.. I just did my calculations and I’m fucked. Single, no house, 150k projected to make in 2024 (currently at 70k YTD) and IRS says ima owe 26k ish after all on what my taxable income 😢 it really is true. Mo money mo problems 😅
@strikerz29128 ай бұрын
I believe your explanation of the tax amount is wrong, they don’t start with 0 to 11,000 to pay the first round of taxes. If I make 80,000 I’m in the 22% bracket regardless than minus standard deduction and exemption
@Satjr350318 ай бұрын
You are confusing the tax bracket with your effective tax rate which will be just over 13%
@Hansel5518 ай бұрын
Not everyone retires early from federal service. One thing you may want to cover in the future is adding sick leave to your years of service for retirement pay. You can gain 1-2 years of service over your career if you let your sick leave accrue.
@nursejackye8 ай бұрын
Well done! I like how you broke everything down into easy to understand parts. Great examples to help make your points clearer . Thanking for the short informative video. You have a new subscriber!
@strangergranger1010 ай бұрын
Well explain it deserves my 👍 👏👏👏
@FIREPsyChat10 ай бұрын
✌️
@roomadmin8035Ай бұрын
I guess my question is...how do you prove that this computation was correctly done by the goverment...it's not like they include an itemized receipt with your returns once they send it to you...Ho does one check for this accurate rates of taxation?
@Destinedmind9 ай бұрын
Great video
@claudemac118 ай бұрын
I was wondered why they have to make it so complicated for the average person to understand. Smh
@inferno17708 ай бұрын
Thank you made sense
@CandycaneBeyond6 ай бұрын
Soooo helpful
@ghazi5989 ай бұрын
Hi, Thanks for info. Question is how to save on taxes on gains from selling primary residence.
@Ok-ns1em8 ай бұрын
Can you show me the tax calculation if I want to convert my 401k from my previous plan to a Roth IRA?
@laneproductions37498 ай бұрын
Ok so based on you explanation I understand it all thanks for that. In addition using your numbers how much would the self employment be?
@Merrick-g2u6 ай бұрын
Single people are getting ripped, what is your take on single people needing returns because of inflation can you expound on this because it’s like getting paid less because your spending more gas clothing and food and the rent has been terribly high for decades
@Terence.Watkins7 ай бұрын
these changes do not change anything for me, as I'm below the lowest Tax bracket, have 75K in the bank, pay no taxes Legally, and live like a king, own the house and cars, have no Debt, and I do not exsist to the IRS....LOL
@lilcoocoo721510 ай бұрын
Thank you
@kckuc31010 ай бұрын
Very good video
@FIREPsyChat10 ай бұрын
Hey thank you!
@roomadmin8035Ай бұрын
Does this system apply to state taxation?
@leeward171710 ай бұрын
Any increase in the income range for Roth IRA contributions? TIA
@FIREPsyChat10 ай бұрын
Yes! I did a video on that: kzbin.info/www/bejne/o3eUdnlvndBrocU
@Sy-cx7yy9 ай бұрын
My salary hasn't changed but my Fed tax increased 40% in 2024. Why??
@heidiwilliams27308 ай бұрын
It's a progressive tax, I get back less too.
@Satjr350318 ай бұрын
It didn’t
@mcgruff73555 ай бұрын
It did go up in my case no raises no extra overtime I went from paying $ 300 to $ 1600 with no change to my life
@Satjr350315 ай бұрын
@@mcgruff7355 Something doesn’t seem right Taxes do not work that way.
@tamitruong29074 ай бұрын
I wish you could explain slower
@El_Espectador_sv9 ай бұрын
Is this to pay 2023 taxes On 2024?
@samiam96479 ай бұрын
Invest the difference
@biancapina40999 ай бұрын
I want to know where you get the numbers from to add up your annual income? The 10% i get however the 12 and the 22% I don’t know.
@ordakiller8 ай бұрын
Imagine in Poland it’s 12% and after 120k pln gross you pay 32%. Insane
@CandycaneBeyond6 ай бұрын
This is a relief, next year I am filing single and I was worried about the small amount going over 12%brack, unless I get a massive raise, I will never hit it that 22%. I almost feel better about being poor 😅
@lilcoocoo721510 ай бұрын
Lol this sounds great
@lilcoocoo721510 ай бұрын
Lol brah you know how many ppl are about to prove they are blind
@realtalk20465 ай бұрын
You know damn well this is too many numbers with little explanation
@workingmomthinkingoutloud90810 ай бұрын
I wish you would speak a tad slower😂
@FIREPsyChat10 ай бұрын
I’ll work on it 😅
@rbgz24610 ай бұрын
You can change the video to .75 speed so he'll talk slower for you... for me usually everyone talks to slow, so I speed them up to 1.25 or 1.5 lol
@beto4Cristo9 ай бұрын
We need Trump back
@jackjohnsen-n1w8 ай бұрын
these changes do not change anything for me, as I'm below the lowest Tax bracket, have 75K in the bank, pay no taxes Legally, and live like a king, own the house and cars, have no Debt, and I do not exsist to the IRS....LOL