What is an effective tax rate? How do you calculate my effective tax rate? If you've asked these questions then this video is for you. Understanding tax brackets & tax tables will help you become more educated about how much tax you owe as compared to your taxable income.
This video is intended to help educate you about your effective tax rate so that you can be more equipped to make educated financial decisions for your long term financial planning.
If you actually do the math, you'll realize which tax deductions & tax credits you're eligible for and how to legally reduce your tax liability - which results in a better effective tax rate for you.
Your Effective Tax Rate = your taxes due / your taxable income.
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Timestamps
00:00 - Intro
00:25 - What is an Effective Tax Rate
01:20 - Tax Bracket for SINGLE (example)
03:12 - Married Filing Joint (example
05:05 - Comparison to Retirement
06:25 - Effective Tax Lower OR Higher?
***There is an error in the video - the married couple example will only be allowed a $600 Dependent Care Child Tax Credit - NOT the $1,200 that was shown on the video...this is due to them only having ONE child - and not two like me...brain fart moment.***
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401(k) - Should I...Cash Out my 401k: [ Ссылка ]
401(k) - Should I...Borrow from my 401k: [ Ссылка ]
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ABOUT ME 👇
I've been involved in people's financial decisions for 15+ years (7 yrs Real Estate experience & 8+ yrs as a former Financial Advisor)...I now bring the financial successes, mistakes, failures, and best financial habits/tips to you through these videos.
My mission is to bring Financial Awareness to the forefront of your daily decisions so you can: improve your quality of life, increase your net worth, and grow upon your financial literacy. My videos are a reflection of my real-world experience as a real estate investor, stock market investor, student of finance, entrepreneur, and of course...my experience as a Former Financial Advisor.
This channel allows me to share my passion for personal finance, stock market investing, real estate investing, and entrepreneurship. I produce content that I would want to watch, and because of that, I give 100% effort in every video that I make. I also believe in complete transparency and open communication with my audience.
Subscribe if you are interested in:
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.
