@nicktalksmoney: How much the gov't takes from your paycheck📉🤬 It’s happened (or WILL happen) to all of us… We wait anxiously to get our first real paycheck, and when it finally arrives, we're shocked that we were only paid ~50-80% of what we were expecting. Well, technically, we WERE paid the full amount we were owed, but the government gets to take their cut before we ever see this money. You know what they say... the only 2 certainties in life are 1) D*ath, * 2) Taxes. This video goes over the 5 main sources of income tax. The first 3 (Federal, Social Security, and Medicare) are taxes that essentially everybody is subject to. Bear in mind that the Federal tax rate TOPS OUT at 37% for the super high earners, it starts at 10%. The last 2 (State & Local taxes) entirely depend on where you live. For example, 9 states (Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, & Wyoming) don’t charge income tax, though they tend to make up for it with much higher sales/property taxes. The other 41 states have tax rates from 2-12%+. Follow to learn more of what school SHOULD’VE taught you about money🧠 Appreciate you! -Nick . . . . . . Disclaimer: This content is purely educational in nature and is NOT intended to be financial or tax advice. Consult with a qualified professional who understands your specific situation before making any financial decision. Nick holds the CFP® designation, and had a career as a financial planner, but does not currently advise clients and solely focuses on creating educational financial media. . . . . . . #money #PersonalFinance #taxes #paycheck #job

Nick Meyer, CFP® | NOT ADVICE

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Tuesday 25 April 2023 17:25:13 GMT