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THE ONLY TAX VIDEO YOU NEED - Tax brackets and deductions explained
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In today's video, we discuss how tax brackets and deductions work so you are ready to do your taxes in 2021!
1. Tax brackets are split into two main categories : Married filing jointly (2 people) or Single
- Brackets need to be separated as two incomes vs one income are obviously taxed differently
2. Tax percentages are not one size fits all! People in the highest tax bracket (over $524K) are not having all of their income taxed at 37%
3. Standard deductions are $25K for married couples filing together or $13K for single individuals. This means the amount of income you are paying taxes against is automatically reduced by at least that amount.
*Invest at your own risk, this is not financial advice.
Subscribe to the Channel to Follow Along for More!
Follow us on Instagram: @finance_with_Parkes
1. Tax brackets are split into two main categories : Married filing jointly (2 people) or Single
- Brackets need to be separated as two incomes vs one income are obviously taxed differently
2. Tax percentages are not one size fits all! People in the highest tax bracket (over $524K) are not having all of their income taxed at 37%
3. Standard deductions are $25K for married couples filing together or $13K for single individuals. This means the amount of income you are paying taxes against is automatically reduced by at least that amount.
*Invest at your own risk, this is not financial advice.
Subscribe to the Channel to Follow Along for More!
Follow us on Instagram: @finance_with_Parkes
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