How does Income tax affect my income? 2017 Federal Income Tax Brackets Explained: Step by Step. Do you know how your income is being taxed? This video offers How Federal Income Tax Brackets Work. Step by Step calculation examples included. Learn More @ www.moneyandlifetv.com Find me on Twitter @ https://twitter.com/Mkchip123 Facebook @ www.facebook.com/MKChipfanpage/ The tax tables shown in the video can be found here for 2017, 2016 and 2015: 2017 Federal Income Tax Brackets: https://taxfoundation.org/2017-tax-brackets/ Federal income tax brackets 2016: https://taxfoundation.org/2016-tax-brackets/ https://www.thesimpledollar.com/understanding-income-and-tax-brackets/ After watching this video you should have a better understanding of the following: - How federal income tax brackets affect your income - At what rate your income is taxed at - 2017 federal income tax brackets - How to calculate federal income taxes on your income
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What happens if you move from the top of one income tax bracket to the bottom of the next higher bracket? Would you take home less money? This video explains why not.
Check out my newest video that covers the numbers in the Final Bill that did pass and will become law. It also provides a website tool you can use to calculate your own specific tax scenario. https://www.youtube.com/watch?v=SQMpXVOoDck Wanted to get a video out showing the actual numbers of the House Tax Reform Bill passed almost two weeks ago. Below are the links to the source material I used for reference. House Bill Details https://www.washingtonpost.com/news/wonk/wp/2017/11/16/the-house-is-voting-on-its-tax-bill-thursday-heres-what-is-in-it/?utm_term=.eea1ccf583af House vs Senate Details https://www.bloomberg.com/graphics/2017-senate-vs-house-tax-bills/ 2014/2015 Tax Stats https://www.irs.gov/pub/irs-soi/16taxstatscard.pdf 2017 Tax Table https://www.irs.gov/pub/irs-dft/i1040tt--dft.pdf 2017 EITC Limits https://www.irs.gov/credits-deductions/individuals/earned-income-tax-credit/eitc-income-limits-maximum-credit-amounts-next-year 2017 EITC Table - https://apps.irs.gov/app/vita/content/globalmedia/earned_income_credit_table_1040i.pdf
The Internal Revenue Service has announced the annual inflation adjustments for a number of tax-related provisions for 2018, including, of course, the latest tax rate schedules and tax tables. These are the numbers for the tax year 2018 beginning Jan. 1, 2018 (assuming that there are no big changes as the result of tax reform). They are not the numbers and tables that you’ll use to prepare your 2017 tax returns in 2018 (you’ll find them here). You’ll use these numbers to prepare your 2018 tax returns in 2019. If you aren’t expecting any significant changes in 2018, you can use the updated tax tables and other tax numbers to estimate your liability. If you expect to make more money or have a chance in your circumstances (i.e., get married, buy a house, start a business, have a baby), consider adjusting your withholding or tweaking your estimated tax payments. Tax Brackets and Tax Rates. The big news is, of course, the tax brackets and tax rates for 2018. The top tax rate remains 39.6%. The other marginal rates are: 10%, 15%, 25%, 28%, 33% and 35% (there is also a zero rate). Tax Brackets and Tax Rates. The big news is, of course, the tax brackets and tax rates for 2018. The top tax rate remains 39.6%. The other marginal rates are: 10%, 15%, 25%, 28%, 33% and 35% (there is also a zero rate). - For 2018, the additional standard deduction amount for the aged or the blind is $1,300. The additional standard deduction amount increases to $1,600 for unmarried taxpayers. - For 2018, the standard deduction for a taxpayer who can be claimed as a dependent by another taxpayer cannot exceed the greater of (a) $1,050 or (b) $350 plus the dependent’s earned income. For high-income taxpayers who itemize their deductions, the Pease limitations, named after former Rep. Don Pease (D-OH) may cap or phase out certain deductions. Article link: https://www.msn.com/en-us/money/taxes/irs-announces-2018-tax-brackets-standard-deduction-amounts/ar-AAtJDQj?li=BBmkt5R&ocid=spartanntp To donate to RTWH, click here: https://www.paypal.me/RTWH Ignore tags: IRS Announces 2018 Tax Brackets, Standard Deduction Amounts IRS Announces 2018 Tax Brackets, Standard Deduction Amounts IRS Announces 2018 Tax Brackets, Standard Deduction Amounts IRS Announces 2018 Tax Brackets, Standard Deduction Amounts
Visit our site (http://taxreformnews.com/trump-tax-rates/) for more details around tax reform. President Trump revealed his new tax plan on April 26, 2017. In that plan, he revealed his new tax rates. It was a very brief plan and did not provide a lot of details about how the base for the rates would be calculated. Personal Tax Rates One of Donald Trump’s biggest promises was to make sure that people are paying less tax. As part of this plan he wants to lower tax rates. His latest tax plan has him reducing tax rates for individuals but it is not clear what the income ranges are. Donald Trump will have 3 income tax rates for individuals if he were to draft legislation himself. Those 3 rates are 10%, 25%, and 35%. This would bring down the highest rates for individuals from 39.6% President Trump’s income tax rates changed from his initial plan. His initial plan called for income tax rates for individuals of 0%, 10%, 20% and 25%. His 0% rate would have meant that millions of americans would not have had to pay tax if they were not above a certain income tax bracket. Now it seems that those americans might have to pay tax. This likely occurred because Mr. Trump needs to make up revenue that he lost by not passing the Repeal and Replace Obamacare legislation. Corporate Tax Rates Donald Trump also had a large goal of reducing tax rates for corporations because he believes it disincentives businesses from manufacturing and locating jobs in the United States. Because of this belief, he wants the corporate tax rate to be just 15% for all businesses. Theoretically businesses could take advantage of this low rate by establishing a business as a sole proprietor. Trump obviously took the priority of reducing business taxes versus reducing taxes for individuals. Some might say this favors this wealthy, but I think he did this to incentivize individuals to starting their own business versus relying on corporations for a wage.
House Speaker Paul Ryan says middle class families will see a tax cut of nearly $1,200 under the new Republican plan. The House bill reduces the number of tax brackets from seven to four. The House Ways and Means Committee will take up the bill Monday. CBS News business analyst Jill Schlesinger joins "CBS This Morning" to break down what this tax overhaul means for Americans. Subscribe to the "CBS This Morning" Channel HERE: http://bit.ly/1Q0v2hE Watch "CBS This Morning" HERE: http://bit.ly/1T88yAR Watch the latest installment of "Note to Self," only on "CBS This Morning," HERE: http://cbsn.ws/1Sh8XlB Follow "CBS This Morning" on Instagram HERE: http://bit.ly/1Q7NGnY Like "CBS This Morning" on Facebook HERE: http://on.fb.me/1LhtdvI Follow "CBS This Morning" on Twitter HERE: http://bit.ly/1Xj5W3p Follow "CBS This Morning" on Google+ HERE: http://bit.ly/1SIM4I8 Get the latest news and best in original reporting from CBS News delivered to your inbox. Subscribe to newsletters HERE: http://cbsn.ws/1RqHw7T Get your news on the go! Download CBS News mobile apps HERE: http://cbsn.ws/1Xb1WC8 Get new episodes of shows you love across devices the next day, stream local news live, and watch full seasons of CBS fan favorites anytime, anywhere with CBS All Access. Try it free! http://bit.ly/1OQA29B --- Delivered by Charlie Rose, Norah O’Donnell and Gayle King, "CBS This Morning" offers a thoughtful, substantive and insightful source of news and information to a daily audience of 3 million viewers. The Emmy Award-winning broadcast presents a mix of daily news, coverage of developing stories of national and global significance, and interviews with leading figures in politics, business and entertainment. Check local listings for "CBS This Morning" broadcast times.
A visual animated video on how to basic calculate US/American Federal Personal Income with 2016 US Tax Brackets System. This calculation is based on just overall personal income before any deductions, exemptions, and credits. Further Reading: http://taxfoundation.org/article/2016-tax-brackets Animation: GoAnimate Permision via Subscriber Plan Background Music: Creative Mind GoAnimate Royalty Free Music Audio Format Permission Audacity http://www.audacityteam.org/ https://creativecommons.org/licenses/by/3.0/ LAME for mp3 format Permission lame_enc.dll www.mp3dev.org http://lame.sourceforge.net/license.txt Leave me a feedback by commenting down below. This will help me improve or give me an idea what the next video should be about. If you like the video, subscribe, like, or share the video. Thanks! Twitter: https://twitter.com/FunSimpleLIFE
Rep. Andy Biggs (R-Ariz.) on reducing the tax brackets and whether Trump’s tax plan will pay for itself.
"Income tax brackets could change in 2018 if tax legislation is enacted under President Donald Trump. The Senate's bill proposes keeping seven tax brackets but changing the income ranges, while the House's version of the bill would reduce the number of tax brackets to four. Both plans propose eliminating the personal exemption and increasing the standard deduction. House and Senate Republicans have taken two different approaches in their attempt to overhaul the US tax code by releasing separate proposals with sweeping changes. The House previously passed their version of the Tax Cuts and Jobs Act, and Senate Republicans voted to pass their own tax legislation early Saturday. GOP leaders have the said the next step is to bring both bills to a conference committee, where they will combine the two versions into one final bill. President Donald Trump has said he wants tax reform on his desk by Christmas. Business Insider put together two charts showing how both the House's tax plan and the Senate's tax plan could change federal income-tax brackets in 2018 compared with those in 2017." Article link: https://www.msn.com/en-us/money/taxes/how-your-tax-bracket-could-change-in-2018-under-trumps-tax-plan-in-two-charts/ar-BBEOWYI?li=BBmkt5R&ocid=spartanntp#image=3 To donate to RTWH, click here: https://www.paypal.me/RTWH Ignore tags: How Your Tax Bracket Could Change In 2018 Under Trump's Tax Plan, In Two Charts How Your Tax Bracket Could Change In 2018 Under Trump's Tax Plan, In Two Charts How Your Tax Bracket Could Change In 2018 Under Trump's Tax Plan, In Two Charts How Your Tax Bracket Could Change In 2018 Under Trump's Tax Plan, In Two Charts