Hi guys, Welcome to the Advanced Video Search Engine, and you are watching How Tax Brackets Actually Work (and How They Affect a Raise). That video is uploaded by Caleb Bale at 2021-02-05T04:00:07-08:00. We are promoting this video only for entertainment and educational purpose only. So, I hope you like & enjoy it. [Hf03A2n6mBU]
| Name | How Tax Brackets Actually Work (and How They Affect a Raise) |
| Video Uploader | Video From Caleb Bale |
| Upload Date | This Video Uploaded At 05-02-2021 12:00:07 |
| Video Discription | Tax brackets can be confusing! So I made this video to explain exactly how they work. Tax brackets are broken down into levels of earning. At each level, taxes increase. Here’s what I’ve found, many people don’t understand that the levels build on each other. It’s not a “If I make this much, I’ll pay 22% in taxes to the IRS but if I made a little less, I’ll pay only 12% in taxes and take more home!” Regardless of what tax bracket you fit into, your taxes will build as you make more money. In this video I explain this: if you’re married, for the first $19,750, you’ll pay 10% on that money earned. For amount earned between $19,750 and $80,250, you’ll pay 12% tax. For the amount earned between $80,250 and $171,050, you’ll pay 22% in taxes. And so on! Tax brackets work in levels of income. The thing to keep in mind is this: Do not think that if you enter a higher tax bracket because of a raise, you will not take home less income than if you never got the raise. Yes, a portion of it will be taxed at a higher rate, but only a portion. Check out federal tax brackets (2020) here: https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets 📒 Notes and Resources 📒 ⚡️DOWNLOAD MY FREE KINDLE BOOK⚡️ Graduated and Clueless: How to live like an adult when life is confusing https://www.amazon.com/Graduated-Clueless-live-adult-confusing-ebook/dp/B07GH1XTRW/ref=sr_1_1?dchild=1&keywords=caleb+bale&qid=1609779396&sr=8-1 You can get the paperback here: https://www.amazon.com/Graduated-Clueless-live-adult-confusing/dp/1717134386/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=1609779396&sr=8-1 ⚡️GET FINANCIAL COACHING⚡️ If you need some help with getting your debt worked out, set up a session with me. I legitimately want to help. www.balefinancialcoaching.com ⚡️FOR INQUIRIES⚡️ For business and coaching inquiries, hit me up: balefinancialcoaching@gmail.com ⚡️CHECK OUT THE BLOG⚡️ http://balefinancialcoaching.com/blog/ ⚡️OTHER VIDEOS THAT YOU MAY LIKE⚡️ 🎬How to Avoid Lifestyle Inflation: https://youtu.be/iFXfbLGc2yU 🎬The 6 Do's and Don'ts of Budgeting: https://youtu.be/k3OUa0h-eRE 🎬How to Make Your FIRST Budget Ever: https://youtu.be/nGUuGy5WQXE 🎬7 Reasons You Need a Budget in 2021: https://youtu.be/LZJOxQmnCfs 🎬Dave Ramsey's Baby Steps of Personal Finance: https://youtu.be/obczZb_aaYI What's one way to improve your finances today? Get started on a budget! That'll make one of the biggest impacts on your day to day life that you can possibly make. Come budget with me and we'll learn together! There is so much freedom in a budget which makes me excited to teach about it. Financial education is the beginning of making your financial goals come to life. But action is what will actually make them happen. Congratulations on taking the first step! Like this video as it’s one way YouTube knows to suggest it to others. And Subscribe and hit the notification bell! Then you’ll be notified as I make more videos to help you make a difference with your finances. //DISCLAIMER// Do your own research. My content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional financial advisor when considering your retirement options and a CPA when in need of professional tax advice. Though I teach financial principals, I am not an investment advisor and none of my advice constitutes legal, tax, or investment as a professional. Everything I share is based on my own research and is intended for your benefit. ⚡️EQUIPMENT I USE⚡️ This is the equipment I use with Amazon affiliate links. If you choose to purchase anything using these links, you will not be charged anything financially, but will be able to support my channel in a small way! Sony A7S II: https://amzn.to/38PM8Sl Neewer 660 LED bicolor lights: https://amzn.to/3o4KB1a Rokinon 12 mm lens: https://amzn.to/38Qpauy Magnus VT 4000 tripod: https://amzn.to/3aXmNsj Rode Video Mic: https://amzn.to/3b0nfWI Hf03A2n6mBU |
| Category | Education |
| Tags | personal finance tips | financial education | budget | personal finance | taxes 2021 | 2021 taxes | financial literacy | tax preparation | us economy | tax deductions | tax filing | myth busting | married filing jointly | cpa | single filer | file taxes | tax brackets | how tax brackets work | increase in income | increase in salary | what to do when you get a raise | irs | taxes | April 15 | tax day | tax return | federal government | tax preparer |
