New Tax Brackets and Rules in 2024 You Need to Know

The IRS announced the 2024 tax brackets, standard deductions, and other tax cuts. Let me demonstrate what your income tax could look like in 2024.

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⏰ Table of Contents ⏰
0:00 2024 Standard Tax Deduction
3:33 2024 Tax Brackets
6:22 How 2024 Taxes Your Income
8:00 2024 Capital Gains Tax Rates

#FIREPsyChat #FinancialIndependence #Tax2024

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Disclaimer: This video is not in any form of personalized financial advice. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence or seek the advice of a licensed advisor if necessary.

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[FIREPsyChat]

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[tonybeasley]

Very helpful, very simple to understand. I am very greatfull. You also talked about something that I have believed for a very long time. That is educating High school students this info. Hooray for you.

[RSquared-travel-rewards]

Great video. Thank you. It is so cool that i get this great info in just 11mins.

[laneproductions]

Brilliant breakdown honestly I have a better understanding

[ChocoTulak]

Thank you. After so many yeas I learn something new I had no idea how really works🙄🙄🙄🙄

[larrysteele]

Awesome video - I never understand how my tax accountant computed the final tax rate. To me it was like some big mystery, now I understand. Thanks!!!!

[ScottyBoyPea]

I still don’t understand why they have such a dramatic jump from 12% to 22%. Why doesn’t anybody else get a 10% increase 😭 I got a pay raise and it put me in the 22% bracket and like whyyyy. Its like i didn’t even get a raise with a jump like that

[FLOODOFSINS]

Great video! I think the only part you forgot to mention what's the Irma tax

[marcodalo]

Thanks for the video, super clear! Only one question: arent’t there fixed amount to pay for each bracket? For example, for married couple I saw that tables report 0$ for the first bracket, 2320$ for the second bracket, 10852$ for the third, etc.

[akray]

i'm gonna appear for the Regulation CPA exam in a month or so, this really helps. Thanks

[BinodGiri-hd]

I get everything you say, but at last I didn’t understand how much do I get return after file tax or how much should I pay ? How to calculate that one

[strikerz]

I believe your explanation of the tax amount is wrong, they don’t start with 0 to 11, 000 to pay the first round of taxes. If I make 80, 000 I’m in the 22% bracket regardless than minus standard deduction and exemption

[ghazi]

Hi,
Thanks for info. Question is how to save on taxes on gains from selling primary residence.

[roomadmin]

I guess my question is...how do you prove that this computation was correctly done by the goverment...it's not like they include an itemized receipt with your returns once they send it to you...Ho does one check for this accurate rates of taxation?

[stacyjohnson]

I’m over here enjoying your memes 😂 thank you for your support in giving us great content 👍🏾👍🏾

[Hansel]

Not everyone retires early from federal service. One thing you may want to cover in the future is adding sick leave to your years of service for retirement pay. You can gain 1-2 years of service over your career if you let your sick leave accrue.

[Ok-nsem]

Can you show me the tax calculation if I want to convert my 401k from my previous plan to a Roth IRA?

[laneproductions]

Ok so based on you explanation I understand it all thanks for that. In addition using your numbers how much would the self employment be?

[nursejackye]

Well done! I like how you broke everything down into easy to understand parts. Great examples to help make your points clearer . Thanking for the short informative video. You have a new subscriber!

[roomadmin]

Does this system apply to state taxation?