Income Tax and Payroll Tax Explained | Taxes 101
If all you walked away from school was learning that the mitochondria was the powerhouse of a cell, you aren’t alone! One thing we all wish we learned more about was how do taxes actually work?! You've no doubt wondered what the litany of taxes that chip away your take home pay are for. Welcome to Taxes 101 and wonder no longer, as you’ll learn how the Federal Income Tax, along with the Payroll Taxes are calculated. Never again will you be confused to what the IRS is really taking.
Curious about the IRS tax tables for 2020, here is a link to the pdf! https://www.irs.gov/pub/irs-drop/rp-1...
0:00 Taxes...
0:53 What Type of Taxes We'll Cover
1:20 Sample Pay Stub
1:52 Federal Income Explained
3:14 Income Tax Tables (2020)
5:52 What is FICA?
6:18 You probably only pay 1/2 the FICA tax
6:30 Social Security Tax
6:48 Medicare Tax
#taxesexplained #personalfinance
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DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are responsible for the financial decisions that you make.
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