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Video instructions and help with filling out and completing irs tax tables 2021
Music welcome to clear value tax my name is Brian Kim I'm a certified public accountant and one of the founders of our tax practice in Chicago apparently there's a lot of confusion there's a lot of confusion about tax brackets in the tax bracket system ultimately many people think that they make X amount of dollars during this tax bracket all their income will get taxed at that tax rate that is incorrect it's a bracketed system it's about your marginal income earned its by your additional dollar earned and the brackets the rates per each bracket okay so what does this mean I'm gonna give you an example to break it down for you to make it very clear okay so we're gonna have to choose the filing status in our example because the tax brackets that are dependent upon your fines does so they're single America and jelling refined separately had a household in our example we'll use single okay so in terms of the tax brackets they change slightly year over year due to inflation so we're gonna use approximate figures just this is just for the sake of an example okay so let's say this person earns seventy thousand dollars of income taxable income and that that ultimate dollar the last dollar earned is the seventy thousand is in the twenty two percent tax brackets all their income will not get taxed at 22 percent no this is how it works the first nine thousand dollars would get taxed at 10% the next twenty nine thousand dollars would get taxed at twelve percent the remainder would get taxed at twenty two percent so it's not an all-or-nothing system no it's a bracketed system so one person asked me I'm in a lower tax bracket I'm right threshold across the in soon into higher tax brackets my job they offered me overtime should I take the overtime or should I not ultimately asking the same question based upon the misunderstanding of crossing into a higher tax bracket okay how do I respond I responded by saying white I didn't say this but it's not my job to tell someone do overtime or don't you overtime that's not my job so I respond by giving the facts I say okay I explain the tax brackets in general and I say that if that overtime compensation makes you cross into a higher tax bracket only the amount of income exceeding that threshold going in students spilling over into the higher tax bracket would get taxed at the higher rates so yes that income if it does cross into the higher tax bracket would get texts at higher rates that's not going to affect the other income that you earn previously okay so I hope that helps clarify the situation of tax brackets the tax bracket system and how the process is when you have income and marginal income running through those brackets again it's not an all-or-nothing.