How to Calculate Your Taxes Under the U.S. Tax System

#shorts
It might sound obvious for someone who already knows the progressive US tax system. However, still many don't know the right way to calculate their taxes. This short clip could answer your question on how taxation works.

[jugghead-]

This was outstanding! Took you 1 min to break down clearly what ive been asking people to explain to me my entire adult life! Thank you friend

[ODSTRubicon]

This is a KEY video for calculating taxes. Never looked at it that way.

[jasonmendoza]

I just lost the rest of my braincells, Thanks alot!

[nancysfarmacy]

Wow thank you, this makes so much more sense now!!!

[Khang-lang-thang-usa]

Take home pay? What about Medicare (1.45%) and social security (6.2%) taxes? So take home pay will be much less!

[mrselfdestruct]

For those watching this, PLEASE DO NOT USE THIS. He is wrong! First you take the standard deduction which if your married and filing in 2024 for the 2023 year it’s $27, 200 That is your AJI or Adjusted gross income. Then you apply this formula. Like he states if you wrestle in a higher tax bracket due to income you are only taxed at that percent above the lower brackets income. So if you make 140k gross and are married filling jointly you subtract 27, 200 for the years stated. Which is 112, 800, you then because you are in the 22percent bracket subtract that from 89450. Then you take 22 percent of that. Hold that number. Then you take 89450 and take 12 percent of that number and then add that number to your other number from the 22 percent. Then, you take your total federal withholding and you subtract that from your total.
YOURWELCOME.

[MitchDeniroOfficial]

I really appreciated this video your a life saver

[chief]

When does the standard deduction come into play? Do you pay takes first then at tax time claim your deduction and then see if you over or under paid?

[nccrchurchunusual]

Legalized Theft- every single tax should req voter approval. The truth is that our $ is taxed over & over- at the grocery store, gas pump, property tax, utilities etc.

[Dennisjones]

Great video, I was in need of an apartment for my family so I watched several videos on how to make a w2 form until I ended up getting it from an online vendor last week and was approved for the apartment on Monday tho

[kaisersouze]

If you were gojng to a breakdown why not include the standard deduction?

[WaqarKhannyc]

Great Video! Took me back in Time; This was the exact question we had to work on to pass our 5th grade math! The Person, that I was told that used this methods to calculate the New Taxes was promoted or what; it's an over 3 Decades Old Story! Never-mind; Anyone has made an Excel for This? Thanks for the Share.

[ericww]

It should still be all the same percentage. A flat tax of 10% (that will be given away to another country)

[mrselfdestruct]

Nah you forgot to subtract the standard deduction before

[azaruddinbhad]

I didn’t understand the last one 24% 4475 = 1075

[twj]

Do brackets amount change per state? Doesn’t California have one of the highest brackets numbers?

[garybregel]

I'm sure this is after the deductions have been taken out.

[perveresnce]

Just lost my brain cells why the hell didn’t high schools teach us about this than learning the freaking ww2 or any other subject!

[cesartecun]

My income this year was 93, 000, and I paid 26, 000 on tax ( I’m single) So are you telling me I ripped off?

[jjdd]

People always saying Uncle Sam taking 50%