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Video instructions and help with filling out and completing tax brackets 2021 vs 2021
If you understand how income tax brackets work it's gonna help you make better financial planning decisions the rest of your life what's going on guys Mike here today I'm very excited to be making this video because we're gonna be talking about how income tax brackets work and what better way to explain income tax brackets than by using a ladder let's do this Music hey guys welcome to money and life TV I am M K the CPA and along with my sidekick chipper today we're gonna be talking about income tax brackets and also we're having a very special guest joining us today and his name is drumroll please mr. cockatoo Music all right guys so mr. cockatoo he's gonna help us explain income tax brackets and the way he's gonna do that is he's gonna climb the ladder for us as we explain visually how tax brackets work I'll be honest when I came out of college after even getting an accounting degree you only take one tax class the college I went to and so you literally know nothing about taxes when you leave college Music Music and for a while I'll be honest I did not truly understand how that income tax brackets work now I should point out in this video I'm only talking about federal income taxes there are state income tax brackets as well however not every state has them that is why I'm only talking about federal income taxes if you live in a state like New York California I live in California so I get the privilege of paying state income taxes as well Applause but some of those states do have income tax brackets and it works the exact same way as federal tax brackets but for the purposes of this video we're just talking about federal income tax brackets so what I'm finding guys is the biggest misconception that people have about income tax brackets is they think they're only paying one rate of income tax and generally that couldn't be any further from the truth you actually pay multiple rates of tax on the income you earn so what I did for this video is I took a $40,000 income and that's what we'll use as in our example why $40,000 because through my research that currently in 2016-2021 $40,000 a year is the average income for a person working full-time here in America so regardless of your filing status whether you file single whether he filed married filing joint whether you're filing a head of household every one of those filing statuses has an federal income tax bracket but it works the same way no matter what your filing status is the only thing that's a little different is the numbers themselves here's a picture of the federal income tax brackets if your filing status is single go ahead and pause the video to view the rates in the description section of this.