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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Пікірлер: 231

  • @TheOrganicChemistryTutor
    @TheOrganicChemistryTutor5 ай бұрын

    Final Exams and Video Playlists: www.video-tutor.net/

  • @GordonLoJ
    @GordonLoJ5 жыл бұрын

    Should change your name to The Tutor that Knows Everything

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    @sacdiyoaxmed1075

    5 жыл бұрын

    Gordon lo hhh

  • @theinquisitor18

    @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

    @kyndrix15yearsago96

    2 жыл бұрын

    "The all knowing tutor"

  • @areejtaha7847

    @areejtaha7847

    2 жыл бұрын

    you are totally right...Mashaa Allah... May God bless you

  • @k_xrg_9302

    @k_xrg_9302

    2 жыл бұрын

    @@areejtaha7847 how old are you like im just cereus to know LOL

  • @kevinnorris6558
    @kevinnorris65585 жыл бұрын

    This is really useful. Finance is one of those things that they don’t really teach you in high school.

  • @SelfEvaluate

    @SelfEvaluate

    2 жыл бұрын

    Preach!

  • @FloofHasAHandle

    @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

    @neo-didact9285

    Жыл бұрын

    IT'S SO STUPID THAT THEY DON'T WHEN EVERY STUDENT IS EXPECTED TO BE A TAXPAYER!!!!!

  • @nadimgeorge2312

    @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

    @ninjapirate123

    Жыл бұрын

    I'm learning accounting at high school, does that count

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    @fatefulwall30104 жыл бұрын

    Hey, just wanted to let you know that your videos have helped me tremendously in college. I started developmental math class (i was very behind) and i made my way up to calculus and a big part of that is thanks to your videos. The way you explain things is a lot easier for me to understand than most of my teacher's lectures. Keep up the videos!

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    @praleshsindhuliya83905 жыл бұрын

    I can't describe in words how much you have helped me.

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    @thatpersonyouknow37475 жыл бұрын

    You are the best channel much love brother

  • @X21XXI
    @X21XXI5 жыл бұрын

    *Thank you sooooo much sir JG* I passed my applied business statistics course💯

  • @learnwithberryafaithfulser5565
    @learnwithberryafaithfulser55655 жыл бұрын

    Thanks for providing these tutorials for free . :) You are a gift from up above!! 😍😍

  • @Guinean_user01
    @Guinean_user013 жыл бұрын

    Currently doing my started my master in taxation and the first 4 minutes is easily explained. Thank you.

  • @radhikaraj7394
    @radhikaraj73942 жыл бұрын

    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.

  • @Jenny_1158
    @Jenny_11585 жыл бұрын

    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!

  • @awsomemills123
    @awsomemills1235 жыл бұрын

    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.

  • @tealahaj8268
    @tealahaj82685 жыл бұрын

    I passed my math and physics exam because of you, you are the absolute best teacher and you have the best youtube channel ♥♥ thank you!

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    @victoriavictoria78254 жыл бұрын

    Your voice is a nice combination of relaxing and teaching and it's just such a nice way to learn something. That probably sounds really weird but it's soothing instead of frustrating. Thank you.

  • @patcassidy5997
    @patcassidy5997 Жыл бұрын

    Finally, a video that easily explains effective tax rate. Great Job!!!!!!!!!!!!!!!!!

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    @gabrielreina65405 жыл бұрын

    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.

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    @gabrielreina6540

    5 жыл бұрын

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    @miteshraja4823 Жыл бұрын

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    @bigbully40125 жыл бұрын

    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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    @mohamedabdirizakm.baaxeer78874 жыл бұрын

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  • @rexrexford5249
    @rexrexford52492 жыл бұрын

    Loved your straight forward explanation, sparing us all that unnecessary happy talk. Thanks.

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    @faustogonzalez83972 жыл бұрын

    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 !!

  • @maybewise
    @maybewise4 жыл бұрын

    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.

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    @019saravanakumark24 жыл бұрын

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  • @damagecontroller8637
    @damagecontroller86372 жыл бұрын

    Your the only one I found who breaks it down like this ..thanks

  • @Rubibombon
    @Rubibombon2 жыл бұрын

    Omg best video ever!!!! Thank you for explaining it step by step. I’m so happy I know this now

  • @designertjp-utube
    @designertjp-utube2 жыл бұрын

    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.

  • @galaxy5am987
    @galaxy5am9875 жыл бұрын

    thanks for this practical stuff

  • @BerettaBreeze
    @BerettaBreeze3 жыл бұрын

    The only video I found that explained the steps the best.

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    @itzben4994 жыл бұрын

    Turned 18 a few months ago, this was really helpful. Thnx!

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    2 жыл бұрын

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    @missige8 ай бұрын

    I love your style. Thank you a million times over!

  • @yoashfernando5673
    @yoashfernando5673 Жыл бұрын

    You explained this way better than my maths teacher, Thanks a bunch

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    @damonp514 жыл бұрын

    i absolutely love your channel...i would like a course covering compound interest formulas and calculations

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    @naolkefena62444 жыл бұрын

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  • @KevinCWalkerUS
    @KevinCWalkerUS Жыл бұрын

    Super helpful, thank you!

  • @dilmir96
    @dilmir962 жыл бұрын

    By the way thank you so much for so detailed and clear explanation

  • @strive9143
    @strive9143 Жыл бұрын

    Your videos are so helpful thank you

  • @dianivanov9174
    @dianivanov91744 ай бұрын

    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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    @wfccfvfrfe93953 жыл бұрын

    this dude knows everything

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    @rickyvue72935 жыл бұрын

    You are my best teacher, and could you teach "taylor's formula for two variables" please 😊

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    @dailyeyesonfakharzaman36165 жыл бұрын

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    @amirhafeez52375 жыл бұрын

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    @leodahvee

    3 жыл бұрын

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    @GCKteamKrispy

    3 жыл бұрын

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    @Waterski095 жыл бұрын

    You are awesome, pls if you have financial and economics videos I will really appreciate that Thanks baba, one ❤️❤️

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    @rachelgood83245 жыл бұрын

    Hi, I want to say I really am a big fan of yours, you have helped me in so many ways throughout my college career. You are a smart and amazing person, I am really curious to know about you if it is ok with you can you make a video about yourself, please? Thank you

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    @sammills21892 жыл бұрын

    This will help with my Econ test. Thanks

  • @ProjektLament
    @ProjektLament3 жыл бұрын

    Perfect. Thank you!

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    @stephen51473 жыл бұрын

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    @blueday46444 жыл бұрын

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  • @SelfEvaluate
    @SelfEvaluate2 жыл бұрын

    Thank you thank you! Love your video!

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    @TheScarletKing134 жыл бұрын

    This guys the only one that i can rely on math and science And the a fact

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    @HBBILY4 жыл бұрын

    This is awesome thanks!

  • @therealsaint3075
    @therealsaint30752 жыл бұрын

    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💯💯

  • @fernandocruz9882
    @fernandocruz98824 жыл бұрын

    I hope you are on vacation JG, I'm going to watch your physics videos until you come back :)

  • @chrstn1149
    @chrstn11495 жыл бұрын

    u save me from pre calculus subject I'm a 10th graderbtw

  • @obohsandra5456
    @obohsandra54562 жыл бұрын

    Thank you so much. You made it eas

  • @paulgarcia2887
    @paulgarcia28875 жыл бұрын

    Can you post more of this kind of practical stuff?

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    @velocity65095 жыл бұрын

    Man knows everythingg

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    @raisbegum77015 жыл бұрын

    I am commenting on this video for my tomorrow's exam. This video will be responsible for the marks I will get

  • @raisbegum7701

    @raisbegum7701

    3 жыл бұрын

    @whats missing from A_SCHWITZ ?____ ANSWER: U The exam got cancelled because the papers got leaked 😂😂

  • @rabianoman566
    @rabianoman566 Жыл бұрын

    thanks a lot ,it helped

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    @sweetievlog9x4 жыл бұрын

    You're amazing, tutor^^

  • @hspnew
    @hspnew3 жыл бұрын

    Very clear !

  • @HellinaAssefa-cr1ji
    @HellinaAssefa-cr1ji3 ай бұрын

    Thank you so much

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    @annica32883 жыл бұрын

    Thanks a bunch!

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    @klyx88263 жыл бұрын

    You are a legend.

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    @thivankawijesooriya30882 жыл бұрын

    Great job.

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    @Jp-po2000 Жыл бұрын

    😢thank you so much!!!🎉❤

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    @heavenlyt64272 жыл бұрын

    your more useful than school

  • @jonathanreyes5842
    @jonathanreyes58422 жыл бұрын

    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?

  • @artbyjero
    @artbyjero9 ай бұрын

    you're a legend

  • @ilyverse
    @ilyverse3 жыл бұрын

    My teacher is giving me a text on this in two weeks and idk anything. Ty for helping :)

  • @rehangulshaable
    @rehangulshaable2 жыл бұрын

    Thank you

  • @user-fc4ir3qk9g
    @user-fc4ir3qk9g3 жыл бұрын

    Thanks!

  • @lorenzomorales6042
    @lorenzomorales60422 жыл бұрын

    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

  • @a_humble_animator
    @a_humble_animator2 жыл бұрын

    how did i get from stocking a concession stand to learning how to pay taxes at 15

  • @rashwonsingkai7955
    @rashwonsingkai79553 жыл бұрын

    All rounder👍

  • @sheskycaleb2382
    @sheskycaleb23824 жыл бұрын

    Make more finance videos please.

  • @sfdgdsfgsdhfglshdfsdfh
    @sfdgdsfgsdhfglshdfsdfh5 жыл бұрын

    Thx for epic video

  • @mori4160
    @mori41604 жыл бұрын

    I wish your my math teacher

  • @lisagionasa7324
    @lisagionasa73245 жыл бұрын

    Hi! Do you have any videos on relativity?

  • @homeland99
    @homeland995 жыл бұрын

    Please a video for fourier series?

  • @thariniruwandee9693
    @thariniruwandee96934 жыл бұрын

    Have done videos about nuclear and particle physics? Particle accelerators Antiparticles Quarks

  • @BO-rg3gc
    @BO-rg3gc5 жыл бұрын

    What carbon element has 32 properties. Would that be Germanium ?

  • @kenesa
    @kenesa2 жыл бұрын

    Can you do one on if someone won the lottery or sweepstakes while being in the lowest tax bracket?

  • @private464
    @private4643 жыл бұрын

    QUESTION: Would Sally owe less Federal income tax if she was married and filing together with her husband?? Thanks so much

  • @arturitin
    @arturitin5 жыл бұрын

    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

    @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.

  • @b.al-dennisi3437
    @b.al-dennisi34372 жыл бұрын

    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.

  • @MKAudette
    @MKAudette5 жыл бұрын

    you’re like a god

  • @sniff4643
    @sniff46435 жыл бұрын

    bruh its been over a month where u at

  • @dilmir96
    @dilmir962 жыл бұрын

    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?

  • @eleazarvazquez4701
    @eleazarvazquez47012 жыл бұрын

    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?

  • @sdswitch1618
    @sdswitch16182 жыл бұрын

    I use the pie guy!!! Lol

  • @kenesa
    @kenesa Жыл бұрын

    Can you do a video on someone that is in the 37% tax bracket from winning the lottery or sweepstakes?

  • @jayasuryapranavamurthhy1066
    @jayasuryapranavamurthhy1066 Жыл бұрын

    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

  • @jecs3300
    @jecs33004 жыл бұрын

    create a tutorial about fibonacci sequence, how to form a formula, etc... something like that

  • @aivela7e
    @aivela7e3 жыл бұрын

    How do you calculate per paycheck? Ie. Net pay was $1207.39

  • @aliwadani5970
    @aliwadani59703 жыл бұрын

    God sent you us.

  • @naynaysmile
    @naynaysmile3 жыл бұрын

    Dang !! Super helpful thanks subscribed ?

  • @aditidump
    @aditidump2 жыл бұрын

    JG, could you pls make a BTS video and teach us how you make videos?

  • @mordecai8707
    @mordecai87072 жыл бұрын

    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?

  • @Michealschatbox
    @Michealschatbox3 ай бұрын

    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.