How To Calculate Federal Income Taxes - Social Security & Medicare Included
This finance video explains how to calculate the amount you owe in federal income taxes. It also explains how to calculate the amount of fica taxes or social security and medicare taxes that you need to pay if you're self-employed. In addition, it discusses how to calculate the amount of state income taxes that are due. Finally, this video discusses the impact of tax credits vs tax deductions on your tax bill. It also mentions how to calculate your effective tax rate.
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Should change your name to The Tutor that Knows Everything
@sacdiyoaxmed1075
5 жыл бұрын
Gordon lo hhh
@theinquisitor18
5 жыл бұрын
Ikr? I just went from a video on Verifying Trigonometric Identities, to Vector Calculus, to Fucking Federal Income Taxes all in one channel!
@kyndrix15yearsago96
2 жыл бұрын
"The all knowing tutor"
@areejtaha7847
2 жыл бұрын
you are totally right...Mashaa Allah... May God bless you
@k_xrg_9302
2 жыл бұрын
@@areejtaha7847 how old are you like im just cereus to know LOL
This is really useful. Finance is one of those things that they don’t really teach you in high school.
@SelfEvaluate
2 жыл бұрын
Preach!
@FloofHasAHandle
2 жыл бұрын
I’m taking a summer course called Personal Finance (required to graduate high school) and I have no idea what I’m doing 💀✨
@neo-didact9285
Жыл бұрын
IT'S SO STUPID THAT THEY DON'T WHEN EVERY STUDENT IS EXPECTED TO BE A TAXPAYER!!!!!
@nadimgeorge2312
Жыл бұрын
@@neo-didact9285 If Karen knew that they'd be taking that much money from her when she was at school she'd be depressed for the rest of her life.
@ninjapirate123
Жыл бұрын
I'm learning accounting at high school, does that count
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*Thank you sooooo much sir JG* I passed my applied business statistics course💯
Thanks for providing these tutorials for free . :) You are a gift from up above!! 😍😍
Currently doing my started my master in taxation and the first 4 minutes is easily explained. Thank you.
I just used this for my math class in caclulating taxes, you are SUCH a help!!! and life saver, thank you for slowly explaining it and taking your time....it helps us non math folks out! haha.
This was very useful! I would have done it incorrectly. I would have just took the full amount, looked on the chart for the percentage and calculated it one time. I wouldn't have taken it in the steps. This was informative!
Thanks for being the best tutor on KZread or just in general! Have watched your videos for years now; wishing you had a Physical Chemistry playlist as I'm fearing that class without your guidance. 😅 Haha Very thankful you've done all these videos and will be a subscriber for years to come.
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Finally, a video that easily explains effective tax rate. Great Job!!!!!!!!!!!!!!!!!
Yo JG! just want to thank you for everything you do man! I appreciate all your hard work. you're an excellent tutor and human being. You've taken the time to help me not only learn the content but understand it and apply it. Hope you are doing well and can't wait for more videos! you've turned me from a c student to an B+/A student. You're the bomb.
@gabrielreina6540
5 жыл бұрын
please don't change the name of this channel. its my favorite.
I was certain there was no hope for me in math. Not only do I understand math I understand other parts of finance which is important to everyday life ...mortgage, loans, taxes, interest rates and a bunch of other stuff all thanks to this man!✌️ I thank you gratefully for your videos and amazing explanations. 👍
The tutor who is also a genius. I believe the org chem tutor was an ace in high school who went on to do finance/ economics in college.
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Loved your straight forward explanation, sparing us all that unnecessary happy talk. Thanks.
Thanks so much, I'm an Electrical Engineer, math not a problem. Terminology is a problem and I 've learned quite a bit from this video . Thanks so much !!
I was supposed to take income tax accounting this semester. I was excited, because even if I didn't get a formal accounting job, I could always do friends and family's taxes. But the in-person class at the campus I wanted to go to (I go to community college), was cancelled, so I had to take an easy spreadsheet class, instead. But this is also good, because I have time to study for next semester. Anyway, I really envy your intelligence.
Sir.. I cant sleep without hearing ur voice... 😍😍 i used to watch your videos daily...
Your the only one I found who breaks it down like this ..thanks
Omg best video ever!!!! Thank you for explaining it step by step. I’m so happy I know this now
Thsnk You for the informative tax instructions! Now I understand why I kept getting follow-up letters from the IRS saying I filled my shlit out wrong. I'd been using only one set of numbers from the tax rate table instead of combining all of them like you did.
thanks for this practical stuff
The only video I found that explained the steps the best.
Turned 18 a few months ago, this was really helpful. Thnx!
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2 жыл бұрын
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2 жыл бұрын
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2 жыл бұрын
A friend that I referred to her just received $7,050 profit after 10 days of investing....I became jealous.. lol
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2 жыл бұрын
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2 жыл бұрын
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You explained this way better than my maths teacher, Thanks a bunch
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Super helpful, thank you!
By the way thank you so much for so detailed and clear explanation
Your videos are so helpful thank you
Great video!!! That video is the best for someone who is not familiar with the taxes and especially for new people in The US. Amazing channel!!! I am very impressed.
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this guy > Khan academy
@leodahvee
3 жыл бұрын
This guy + Khan Academy = World Domination
@GCKteamKrispy
3 жыл бұрын
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I needed a car loan from a car dealership and I needed to bring in my tax statement last week and that got my stressed out asf till I came across some great comments about deelscafe💯💯
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Can you post more of this kind of practical stuff?
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I am commenting on this video for my tomorrow's exam. This video will be responsible for the marks I will get
@raisbegum7701
3 жыл бұрын
@whats missing from A_SCHWITZ ?____ ANSWER: U The exam got cancelled because the papers got leaked 😂😂
thanks a lot ,it helped
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Very clear !
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extremely helpful. but im alittle confused. because im trying to calculate my taxes for my newly opened llc. and im wondering if i have to look up my states tax rates and basically follow these steps. but why do i have to subtract the maximum and minimum brackets and then work off that number?
you're a legend
My teacher is giving me a text on this in two weeks and idk anything. Ty for helping :)
Thank you
Thanks!
I enjoyed the black background with white pin - could have just kept with the actual pay to various tax rate %(s) and worked it straight through or worked each % rate out
how did i get from stocking a concession stand to learning how to pay taxes at 15
All rounder👍
Make more finance videos please.
Thx for epic video
I wish your my math teacher
Hi! Do you have any videos on relativity?
Please a video for fourier series?
Have done videos about nuclear and particle physics? Particle accelerators Antiparticles Quarks
What carbon element has 32 properties. Would that be Germanium ?
Can you do one on if someone won the lottery or sweepstakes while being in the lowest tax bracket?
QUESTION: Would Sally owe less Federal income tax if she was married and filing together with her husband?? Thanks so much
i got a question,does the federal income tax rate,the ss tax rate and medicare tax rate vary on each state or is the the same for every state?(i am mainly refering to texas)
@panda8bamboo161
4 жыл бұрын
It may be 11 months late but the only variable that changes would be state tax. All the other taxes are fixed nationally depending on each year. Hope this helps. Texas I believe has no state tax.
Thanks for the calculations. I have a concern. Now, according to you, the amount of US$23,089.50 is the tax void of tax credit or tax deduction before tax calculation. Granted, if I received a tax credit, I should first calculate my tax of US$23,089.50 and deduct the US$12,000 tax credit to arrive at US$11,089.5. The reason: tax should be deducted from tax and not from gross income. The US$12,000 or the word, tax credit, emanates from a calculation previously done to arrive at said credit. Taxes are not ordinary expenses, they are derived from a tax consequence involving calculations. In my country, being copied from the U.S., gross activities affect gross activities, and tax affects tax and not gross activities affecting tax activities. Meaning, Gross income is subject to gross expenses for deductibility, while the tax credit is subject to the gross tax as calculated. Unless we are defending two different occurrences here, if not, please look it up again.
you’re like a god
bruh its been over a month where u at
Hi, How about SE tax deduction as adjustment. Would this reduce a taxable income and all your calculations will be affected as a taxable income reduces as result of SE tax adjustment?
I have a question, does a standard deduction also affect for taxable income on SS and Medicare? For ex. If I made $18000 and file head of household, would that mean I wouldn’t have had to pay taxes on SS and Medicare since my taxable income is $0? Oh I guess I would have to ask as well if it would be the Fed. standard deduction or State’s 🤔 Well either way, would the standard deduction take effect before doing SS and Medicare taxes?
I use the pie guy!!! Lol
Can you do a video on someone that is in the 37% tax bracket from winning the lottery or sweepstakes?
Hi .. i just need to know how u got to know the social security tax. Abd medicae tax rate in 17.29 mins.. plz explain
create a tutorial about fibonacci sequence, how to form a formula, etc... something like that
How do you calculate per paycheck? Ie. Net pay was $1207.39
God sent you us.
Dang !! Super helpful thanks subscribed ?
JG, could you pls make a BTS video and teach us how you make videos?
For the first question, why can’t you just calculate 24% of 85k? I didn’t understand why that method was chosen, is it just the specific way federal taxes are calculated?
That's a lot of my money going to the government bro, even after paying taxes for groceries every time. But, it is what is.