This video answers the basic question "What is Income Tax" in a simple, kid-friendly way.
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The video addresses the topics below:
- What is Income Tax
- Does everyone pay the same amount of Income Tax (tax brackets)
- Do you pay Income Tax if you earn very little (standard deduction)
- Is it better to earn less on purpose to qualify for a lower tax bracket
- Different types of Income Tax (federal and state Income Tax)
- Is the state income tax the same for all states
- Does the Income Tax rate change or is fixed
- When do we pay income tax (tax is withheld from your paycheck)
- What happens if you pay extra Income Tax (Income Tax refund)
- What if you don't pay Income Tax or pay less Income Tax (interest and penalty)
- How does the government know how much you have earned and how much Income Tax you have paid (filing Income Tax return by Apr 15)
Hope you like the video and stick around for more finance fun! And please let us know your thoughts (or a suggestion for a video) by leaving a comment!
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The information presented in the video and the description is for educational purpose only. The presenter(s) / speaker(s) / Easy Peasy Finance are not financial advisors, and do not provide investment advise. Please consult a qualified financial advisor before making any investment decision.
