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022 - How Does Our Tax System Work?

EPISODE · Nov 20, 2019 · 16 MIN

022 - How Does Our Tax System Work?

from Real Personal Finance · host Scott Frank and James Conole

Progressive tax bracket Everyone pays $1,905 on first $19,050 of taxable $140k taxes at $400k? 35% tax bracket Actual taxes = $91,379 (22.8% taxes) Tax Rate Taxable Income Bracket 10% $0 to $19,050 12% $19,051 to $77,400 22% $77,401 to $165,000 24% $165,001 to $315,000 32% $315,001 to $400,000 35% $400,001 to $600,000 37% $600,001 or more Deductions Standard deduction - $24,400 Itemized - mortgage interest, state/local taxes, charitable giving, medical expenses over 7.5% of AGI Other considerations States have separate tax brackets too Social Security @ 6.2% up to $132,900; Medicare @ 1.45% not capped Different types of taxes for earned income, capital gains, dividends LET'S CONNECT! James Facebook LinkedIn Website Scott Facebook Twitter Website ENJOY THE SHOW? Don’t miss an episode, subscribe via iTunes, Sticher, Spotify, or Google Play. Leave us a review on iTunes. Have a money question you want us to answer? Submit one here

What this episode covers

Progressive tax bracket Everyone pays $1,905 on first $19,050 of taxable $140k taxes at $400k? 35% tax bracket Actual taxes = $91,379 (22.8% taxes) Tax Rate Taxable Income Bracket 10% $0 to $19,050 12% $19,051 to $77,400 22% $77,401 to $165,000 24% $165,001 to $315,000 32% $315,001 to $400,000 35% $400,001 to $600,000 37% $600,001 or more Deductions ...

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022 - How Does Our Tax System Work?

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This episode is 16 minutes long.

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This episode was published on November 20, 2019.

What is this episode about?

Progressive tax bracket Everyone pays $1,905 on first $19,050 of taxable $140k taxes at $400k? 35% tax bracket Actual taxes = $91,379 (22.8% taxes) Tax Rate Taxable Income Bracket 10% $0 to $19,050 12% $19,051 to...

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