TAX BASICS: a Beginner's Guide to Everything

[@AccountingStuff]

What tax topics would you like me to cover next?? ⏱TIMESTAMPS 00:00 - What is Tax? 00:30 - The Burden of Tax 01:20 - Tax Avoidance 01:36 - Tax Evasion 01:48 - Direct vs Indirect Tax 02:40 - Tax on the Stuff you Earn 02:44 - Personal Income Tax 05:38 - Payroll Tax 07:05 - Company Tax 07:59 - Capital Gains Tax 09:27 - Tax on the Stuff you Buy 09:35 - Sales Tax 11:46 - Value-Added Tax (aka. Goods and Services Tax) 15:03 - Excise Tax 15:48 - Tariffs 16:25 - Tax on the Stuff you Own 16:29 - Property Tax 17:50 - Wealth Tax 18:49 - Inheritance Tax

[@uB39106]

Sir, can you pls make a video on activity based costing? I know it is not a tax based topic, but pls pls pls do make a detailed video on it. Please. Thanks.

[@toewai8188]

Hi James, can you please explain about Cash Flow Forecast. Thank you so much in advance.

[@Rack_Academy]

Could you please make a video on accounts receivable and accounts payable

[@isasantoja7085]

Could you please make a video about reserve?? I was asked in a job interview and didn’t know how to explain it properly. Thanks

[@taniyadg1]

Would you be able to do a vedio on calculating income taxes. Like tax on employment income, business income, etc.

[@m.yameenalli5688]

It’s been a minute, but I just want to say thanks, I started watching your videos 4 years ago to understand accounting. I just finished my degree and I’ll be graduating in two months. Thanks for everything

[@AccountingStuff]

Congrats on completing your degree!! Must be a huge relief to be done with it. Well done :)

[@PrometheusUnchainedAndFree]

After 3 months I thought you quit KZbin. It is so amazing to see you upload again. You are even better learning source than the paid ones. I used to watch you to learn now I am watching for fun

[@AccountingStuff]

Thanks for your kind words Ömer! Great to hear you're enjoying these :)

[@uB39106]

@@AccountingStuff Sir, can you pls make a video on activity based costing?

[@DLCS-2]

@@uB39106 there are videos . Edspira has some food ones

[@uB39106]

@@DLCS-2 I know. But I want him to make one, because I understand his explanations

[@danielmfraser]

@@uB39106 Have you tried edspira?

[@dheerthagirinathans246]

Like to have more videos on TAX!🎉

[@AccountingStuff]

That's great to hear! I'll see what I can put together

[@yaboiavery5986]

@@AccountingStuffThe world needs somebody like you explaining this stuff. There is VERY little content on the topic.

[@AccountingStuff]

Thanks :)@@yaboiavery5986

[@danielngoma-ie5qy]

@@yaboiavery5986 yes plus you are great at it you know to explain

[@neerganesan]

Thanks!

[@AccountingStuff]

Thank you so much!!

[@marcoatrejoenriquez7720]

I am in an Accounting Class (Studying an MBA), and your channel has helped me a lot. Thanks!!

[@AccountingStuff]

Great to hear you're finding these videos helpful. Good luck with your MBA!!

[@TheGippy30]

Nice to have you back James, I would like some more complexed tax videos cheers

[@AccountingStuff]

Thanks for your request :)

[@traveltoks6578]

Hi James. I'm usually a passive watcher but I just HAD to comment. From the pictograms, the clean editing to your beautiful narration; I can tell my uni schooling could be a breeze. You are out here doing the most. Keep up! Just a subscriber giving you your flowers 🌺🌹

[@AccountingStuff]

Thanks for your kind words!

[@ManOfEarthAndNature]

Tax accountant chiming in. I hope you are a professor or somehow work with students because this is fabulously done.

[@AccountingStuff]

Thanks!! This is a solo endeavour

[@theguywith]

I love taxation and tax bracket calculations. Intimidating.

[@theguywith]

killer thumbnail too 🔥

[@AccountingStuff]

Thanks mate!

[@jaidev777]

6:48 "But this one is up for debate, you could argue payroll tax is actually regressive, since wealthy people tend to earn income from other sources like investments, which are exempt from payroll tax." But that argument admits that other sources of income have nothing to do with payroll tax, so it's not fair to call it regressive, right?

[@Rack_Academy]

Your channel has been so helpful. I saw your last upload was 3 months ago! I was shocked and i thought you quit. But then you uploaded this video and i jumped! Thank you so much for this amazing educational content

[@AccountingStuff]

Thanks! These videos always take me ages to put together. I put them out as often as I can

[@sonyaschiff6994]

Can you please do a payroll accounting video!! I understand your videos so much better than my instructors!!

[@AccountingStuff]

Thanks for your request!

[@HimanshuLaskar-fz6ll]

An accounting student here. Nice video but how do some rich people pay 0 net tax after having such a large income ????

[@celestecarrazco4357]

They contribute to society

[@CreatorsExpress]

Because they don’t actually have “income”. Credits, deductions, contributions, etc.

[@cherrydeblossom]

Can you make some videos for cost Accounting and managerial Accounting?

[@PrometheusUnchainedAndFree]

Cool nickname

[@AccountingStuff]

I can do! Thanks for your request :)

[@tytrrtt]

Excellent video, get appreciation from a Big 4 employee !!!!!

[@AccountingStuff]

Cheers :)

[@michaellazarus8112]

OH MY GOSH> Your channel is such a blessing. I literally just found your cheat sheets in the description and I'll be robbing you of them shortly 💸

[@AccountingStuff]

Glad to hear you're finding these useful!

[@ganeshgadekar9234]

Thanks for your video, It helps me a lot, Can you please explain Withholding Tax, VAT/GST in more details and there recording in books?

[@AccountingStuff]

Thanks for your requests!

[@jaycie5021]

I used to use your vids to study for my BA in accounting. But this is the first time I watched just for fun. 2 reasons 1st my degree is due to be mailed any day now. 2nd I've worked as a professional tax preparer sense 2020. Still entertaining but yeah this was very basic.

[@AccountingStuff]

Congrats on finishing up your degree!!

[@jaidev777]

6:25 - In the example of personal income tax, his whole 80k was taxable. But now we're talking about the 60k portion which is subjected to payroll tax rate. Does this mean that the 60k is subjected to *both* the personal income tax rate AND the payroll tax rate?

[@johnhoffman3593]

Just started my TAX class! Perfect timing

[@AccountingStuff]

Best of luck with it!

[@brandondean4201]

Glad your still uploading

[@AccountingStuff]

Cheers Brandon!

[@MaseMounty]

Hello James, I have a question. Do employees pay both income tax and payroll tax? And what is the difference between them? Can you explain it more detailed, please?

[@thetaxaccountant]

I am a board certified tax agent in Australia. Our tax system is the same as UK. Employees only pay income tax at a marginal tax rate depending on income. Payroll tax is levied on wages paid or payable by an employer to its employees when the total taxable wages of an employer (or group of employers) exceeds a threshold amount.

[@mominaali4290]

lots of love and respect for you from Pakistan. I have shared your channel with my all Classfellows

[@jaidev777]

Hi James. You said Payroll Tax is a Direct tax. But I thought Direct taxes refer to those directly paid by the payer to the government, while Indirect taxes refer to those which were passed on to someone else to then pay the government. Since the employer is sending the money to the government, shouldn't that mean it's an Indirect tax?

[@willyou8273]

I love your videos. I'm self taught accountant because of you. Thank you so much. Please, Show us how to avoid taxes legally.

[@afnaancadey30]

Firs thank you :second Im acollege student I learned alot from you about financial accounting it was very difficult for me at first more thank you The second semester is about to begin in faculty financial accounting I really do not understand the english language I watched your vedios I understand alot of things bye teacher

[@AccountingStuff]

Great to hear you're finding these helpful!

[@hsafi9393]

Thanks so so much, please cover Gain and Loss/Realized and Recognized with capital tax please.

[@AccountingStuff]

Thanks for your requests!

[@ginify732]

Loved your videos! I know nuts about accounting, equipping myself with financial education (accounting from level 0). Thank you heaps, bro! Love from Malaysia!

[@AccountingStuff]

No problem, all the best!

[@SimaoBelo-hs7tm]

Could you explain a little bit about What's Accounting Taxation

[@AccountingStuff]

Thanks for your request!!

[@georgeelmore2090]

Hello mate, your videos are really helpful is there any chance you can do a video on a Service Charge Reconciliation? Thanks

[@AccountingStuff]

Thanks for your request!

[@amberliwentee402]

Good afternoon, can i get further explanations regarding to below topics, pls. Thank you. 1) Explanation on why under Deferred Tax Asset, Asset ( Tax Base > Carrying Value ); Liability ( Carrying Value > Tax Base ) 2) Explanation on why under Deferred Tax Liability; Asset ( Carrying Value > Tax Base ); Liability ( Tax Base > Carrying Value )

[@Huey-f8l]

welcome back missed your videos

[@AccountingStuff]

Cheers Huey!

[@ohkalos]

good to see you James! hope you’re doing good

[@AccountingStuff]

Cheers Austin, I'm doing great thanks. All the best

[@ilc-nl3yy]

Hello....I started a mobile food service last year and I also have a full-time job. I know that certain businesses and ride share contractors can't write off their miles until they get to their first stop. I use half of my garage as a commissary/warehouse (area where I prep, clean equipment & pans and store inventory) and for book work. With my situation, am I able to start writing off miles when I leave my house? I have one location where I set up, so I'm not going to different locations. Thanks.

[@reabo]

Do you have an videos on being tax efficient with a sipp?

[@AccountingStuff]

I don't I'm afraid

[@sarakareem2316]

Please post to do payroll in uk.

[@khandynourijkamouelle9760]

You're just amazing and blessed

[@AccountingStuff]

Many thanks!

[@Ema.loveHyu]

Hi can you make a video on control accounts BTW I love your videos. Best educational ones

[@AccountingStuff]

Thanks for your request!

[@Ema.loveHyu]

Welcome

[@YokeeYang]

Hi James. Thanks for your great video. Do you have some video to teach us how to claim personal tax?😊

[@AccountingStuff]

Sorry I haven't made one on that

[@kamaukariuki7260]

Very insightful bro.

[@AccountingStuff]

I appreciate that

[@ryder8328]

About preference shares and ordinary shares could you explain about it in future

[@AccountingStuff]

Thanks for your request!

[@frederikhamacher3981]

Bester Mann, Grüße aus Mannheim

[@jeremyfield4148]

If I have a full time job and file a W2 to the IRS and my company takes out taxes out of my paycheck why do I need to file taxes every year. Would it not make sense for my W2 and earned wages to match so every year I break even owing and gaining no tax differences. Now I understand there are some that like to receive more money each month on earned income thus owing more money on taxes. But why would we not adopt a new tax system so we break even. If I go to a store a pay 6% tax on an item I own that item and paid taxes on that item. I do not have to claim that taxed item again.

[@ilkinmusayev2906]

Incredible video! Thank u so much James for making it clear to all of us. Keep it up!

[@AccountingStuff]

Thanks Illkin!!

[@syeeeed]

James why did you decide to leave 1. The UK, 2. Your Corporate Career in accounting. 3. What changes have you seen in your life since leaving moving away?

[@MuffinMomMeals]

awesome video! i just bought the cheatsheet set. absolutely perfect for school! (snhu)

[@AccountingStuff]

Thanks for your support!

[@mohamedumar3051]

Fantastic Can you make some videos in managment accounting ?

[@AccountingStuff]

Thanks for your request!

[@aleksandrakowal5661]

would you please go more into details with tax?

[@AccountingStuff]

I can do :)

[@RedWagonPhotographyOH]

I am in my very first tax class and I’m going to cry. lol

[@Outlier_G]

can you please clarify and make a video about doubtful debts and method of their recording, meaning direct method and allowance method? I hope you clarify it.

[@AccountingStuff]

Thanks for your request!

[@minnie092407]

Awesome video!! Would it be possible to request one for WIP accounting??

[@AccountingStuff]

Yes of course!

[@Mountain-Sam]

I thought for capital gain tax, if capital gains tax is 35% then 35% of the gain would be added to the marginal tax rate? Thus it wouldn't be 35% as it would depend on the marginal tax rate. Can you please confirm? Or maybe I misunderstood this. Thanks!

[@AccountingStuff]

Every country / state / province has their own rules. You have to check with your local tax office to see what the rule is in your region

[@kizzien6651]

Can you talk about temporarily vs permanent differences?

[@dianacobb4732]

Thank you for the videos 👍

[@AccountingStuff]

No problem :)

[@geegy123]

I have been waiting for a video on Transfer Pricing and Intercompany transactions.. I had asked you an year ago i guess...

[@AccountingStuff]

Sorry for missing that one. I'll keep these topics in mind for future vids :)

[@BJJsacra]

Loved it ❤

[@AccountingStuff]

Thanks!

[@dinhhd1708]

Thank you so much

[@AccountingStuff]

You're very welcome ;)

[@morrismaingi5089]

Kindly lets go deeper on this topic.

[@AccountingStuff]

Thanks for your request!

[@jonathanbrown4961]

Next do a Multi Step Income Statement

[@AccountingStuff]

Thanks for your request!

[@jonathanbrown4961]

@@AccountingStuff Yup, had it in my class and it was a little confusing

[@R3d_cam3llia-wn2tp]

I wonder if there’s going to be a birth tax and or death tax, jokes aside great video 👍

[@AccountingStuff]

Thanks, glad you enjoyed it!

[@rovercoupe7104]

Do you live in the United States?

[@alen-commentnazi8774]

wait a minute are you australian living in Canada explainingUS tax?

[@AccountingStuff]

I'm English, living in Australia (used to live in Canada). This video is covering tax as a general concept. I don't get into any regional specifics

[@adityasingh050]

GST goods and services tax

[@Yassi_gorl]

Pers. Income tax Taxable income X Person. Income Tax Rate Average TR = Income T/P ÷ Tax Income Payroll Tax Direct Tax on Wages PAyroll Tax = Gross wages or salary X Payroll Tax Rate Company Tax Direct tax on business profits Capital Gains Tax Cap Gain X Cap Gains Tax Rate

[@AccountingStuff]

A great summary!

[@YokeeYang]

I mean to declare Individual income tax😂

[@870LAURA]

Are you English or American?

[@AccountingStuff]

English 🇬🇧

[@870LAURA]

@@AccountingStuff thank you! I’m studying English listening to your videos, and I didn’t understand the accent.

[@AccountingStuff]

No worries :)@@870LAURA

[@Emergencyservice247]

Hi

[@AccountingStuff]

Hi

[@piojosefina2568]

next tax for breathe

[@audesabrina1777]

Damn they ripping jar jar off 😢

[@kenesu1281]

❤💖

[@hayatmahamud1099]

first😁

[@AccountingStuff]

🥇

[@nash1072]

✋ Promo_SM