I had thought this calculation would be easier than it was for me. After a couple of failed attempts at doing it myself, I found this and learned some new things. Thank you!

@professorikram

3 ай бұрын

Glad you found it useful. Here is the link to the sheet: docs.google.com/spreadsheets/d/1T-aw3ZAtEfd3lIKMwy388D3L2ubOd2In/edit?usp=sharing&ouid=109710908030830270798&rtpof=true&sd=true

Incredible and very good explanation. Great teacher! :-)

Good👍👍. I like the way you took your time to explain in details. Makes it easier to understand. 👍👍

Incredibly helpful, thanks!

Thanks so much, I was doing but I couldn't find the formula for the last tax rate, thanks a lot!

Thank you for this.

Great video

Thanks, that's great!

Excellent explanation - thanks

Very clear

Great video !!!

Thanks! This is good... It would be much easier to follow along if the cell references (rows and columns) were visible.

@professorikram

10 ай бұрын

Appreciate that feedback, I realized this after the fact as well. Will be more careful in subsequent videos. 🙏

@professorikram

3 ай бұрын

Here is the link to the sheet: docs.google.com/spreadsheets/d/1T-aw3ZAtEfd3lIKMwy388D3L2ubOd2In/edit?usp=sharing&ouid=109710908030830270798&rtpof=true&sd=true

You didn't explain how to do it for the last tax bracket. How would you calculate the taxes for everything over the last amount?\

@professorikram

3 ай бұрын

Hey buddy! Here is the link to the sheet, which shows the formula: docs.google.com/spreadsheets/d/1T-aw3ZAtEfd3lIKMwy388D3L2ubOd2In/edit?usp=sharing&ouid=109710908030830270798&rtpof=true&sd=true

This is so helpful and explained very clearly. Thank you so much. Would this apply to 2024 Taxes, or have the brackets changed? Also do these taxes cover social Security?

Hello there and thank you for the video! What happened to the standard deduction? Where do you remove that from?

@professorikram

6 ай бұрын

Hi! So these calculations apply to Taxable income. The standard deduction applies to your AGI (Adjusted Gross Income) and helps reduce your taxable income. I'm glad you brought this up though. I'll do a separate video on how to go from AGI to Taxable Income. Thanks for your comment!

For the average tax rate (married) 17.03% is at percentage 22%

Question. So does this include the standard deduction? For example if the taxes owed are 33000 would I then subtract the standardized deduction for whatever that year is? 33000-14000 for example would be 19000 left over that I would actually owe?

@professorikram

27 күн бұрын

Good question. The calculation in this video is based on what you are left with AFTER the deducions and credits have been accounted for. So, no. You would NOT subtract the standard deduction from this number.

Sr, please share Excel file for practice

@professorikram

3 ай бұрын

Here you go: docs.google.com/spreadsheets/d/1T-aw3ZAtEfd3lIKMwy388D3L2ubOd2In/edit?usp=sharing&ouid=109710908030830270798&rtpof=true&sd=true

What would the formula look like for D26 & D45

@natalieomeara6280

5 ай бұрын

I figured it out 🙂

I tested out your calculator some parts are wrong for the if function on the married filed jointly part!

@professorikram

Ай бұрын

Hey! I'll check. Thanks for pointing this out.

Can you share this excel with me?

@professorikram

3 ай бұрын

Here you go: docs.google.com/spreadsheets/d/1T-aw3ZAtEfd3lIKMwy388D3L2ubOd2In/edit?usp=sharing&ouid=109710908030830270798&rtpof=true&sd=true

I’m lost already. I made 63,933, so can that simply be explained cause I’m still lost and have watched your video about 5 times already.

@professorikram

3 ай бұрын

Sorry to hear that you're feeling lost. Where exactly - I can try and help. Here is the link to the sheet also, in case you find it useful: docs.google.com/spreadsheets/d/1T-aw3ZAtEfd3lIKMwy388D3L2ubOd2In/edit?usp=sharing&ouid=109710908030830270798&rtpof=true&sd=true