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Video instructions and help with filling out and completing Federal income tax rate calculator
Hello it's John Bauman again we're going to do a calculation of average tax rates and we're also going to calculate the actual amount of taxes paid by people in these hypothetical brackets and of course the actual rates are different from these and you can see them in our textbook the numbers here are small and I'm going to keep them simple that the to calculate the total amount of tax paid and the average tax rates is done in the exact same way just bigger numbers and a little bit different tax rates so if you look at the table here you can see that a person earning between zero and a hundred dollars is going to pay zero percent so if you're in ten dollars or fifty dollars or ninety-nine dollars or a hundred dollars you get a zero percent anybody earning over a hundred dollars it's going to pay ten percent now that person is going to pay ten percent only over any amount only over any amount that's greater than one hundred dollars so we're going to look at that in just a second with calculation anybody earning between three hundred dollars a 300 400 500 up to eight hundred dollars is going to pay a marginal tax rate of 25 percent eight hundred dollars in higher key rate is 40% so here we have four examples one person earns $50 and then the next person two hundred five hundred and a thousand you can pause the video at this point and see if you can calculate on your own what kind of tax amount each person pays and then also calculate the average tax rate so let's start with the easy one the person earning $50 well you can see that the person is in the zero percent tax bracket because the tax amount here is between zero and $100.00 so the person is just going to pay zero percent of 50 dollars and of course that's zero dollars now if you take zero as a percentage of the total amount of income of that person that gives you the average tax rate and that's also zero percent so the answer here of course is zero dollars and zero percent now let's take a look at example two the person earns $200 now that person of course is in the second bracket one between 100 and 300 dollars and pays 10% in marginal tax but the first $100 is still taxed at zero percent because you got to work your way up to the bracket so the first hundred dollars is still zero dollars of course and then the any additional amount above that so well there's a hundred dollars left after that first hundred dollars and that's taxed at 10% so one hundred dollars times ten percent that's of course ten dollars and that's the total tax paid by this person so nothing over the first 100 dollars ten percent over the.