How Do Taxes Work

Name: How Do Taxes Work
Uploaded: 2019-08-19T04:00:00.000Z
Duration: 9 min 46 s
Channel: School of Personal Finance

#schoolofpersonalfinance #howdotaxeswork #personalfinance #financialeducation #financialplanning #financialfreedom

How do taxes work? In this video I will show you a simple example of how our income is taxed on a federal level. Understanding the different types of deductions and tax credits available are the first steps to lowering your tax bill.

Our tax brackets are a progressive system. With so so much controversy over raising the top tax brackets and trying to tax the wealthy more, many people do not understand how it really works.

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To Becoming Great with Money,
Rich McCormack, CFP®
School of Personal Finance