----UPDATED LINKS----
(it's likely that more has changed than this, so please, if you have any questions at all, email me.)
https://taxfoundation.org/2021-tax-brackets/#brackets
https://taxfoundation.org/2021-tax-brackets/#capgains
https://taxfoundation.org/2021-tax-brackets/#standard
In this episode I cover what taxes are, income taxes, payroll taxes, and capital gains taxes.
Email: whatsthatfinance@gmail.com
-Show Materials- Tax Brackets:
For Single Individuals, Taxable Income Over: $0 = 10% $9,875 = 12% $40,125 = 22% $85,525 = 24% $163,300 = 32% $207,350 = 35% $518,400 = 37%
For Married Individuals Filing Joint Returns, Taxable Income Over: $0 = 10% $19,750 = 12% $80,250 = 22% $171,050 = 24% $326,600 = 32% $414,700 = 35% $622,050 = 37%
For Married Individuals Filing Separately, Taxable Income Over: $0 = 10% $9,875 = 12% $40,125 = 22% $85,525 = 24% $163,300 32% $207,350 35% $311,025 = 37%
For Heads of Households, Taxable Income Over: $0 = 10% $14,100 = 12% $53,700 = 22% $85,500 = 24% $163,300 = 32% $207,350 = 35% $518,400 = 37%
Long-Term Capital Gains Tax Rates:
Single Filers $0 to $40,000 = 0% $40,001 to $441,450 = 15% and $441,451 or more = 20%
Married, Filing Jointly $0 to $80,000 = 0% $80,001 to $496,600 = 15% $496,601 or more = 20%
Married, Filing Separately $0 to $40,000 = 0% $40,001 to $248,300 = 15% $248,301 or more = 20%
Head of Household $0 to $53,600 = 0% $53,601 to $469,050 = 15% $469,051 or more = 20%
Links/Further Reading:
Individual Income Tax:
https://taxfoundation.org/tax-basics/individual-income-tax/
https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets
State Income Taxes:
https://www.nerdwallet.com/article/taxes/state-income-tax-rates
Local Income Taxes:
https://taxfoundation.org/local-income-taxes-2019/
Standard Deductions:
https://www.nerdwallet.com/article/taxes/tax-deductions-tax-breaks
Itemized Deductions:
https://www.investopedia.com/articles/taxes/08/itemized-deductions-overview.asp
Tax Credits:
https://www.irs.gov/credits-deductions-for-individuals
https://www.nerdwallet.com/article/taxes/what-tax-credits-can-i-qualify-for
https://turbotax.intuit.com/tax-tips/tax-deductions-and-credits/the-5-biggest-tax-credits-you-might-qualify-for/L3o8qrNnC
Payroll Taxes:
https://taxfoundation.org/what-are-payroll-taxes-and-who-pays-them/
Capital Gains Tax Rates:
https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates
Section 1202:
https://www.investopedia.com/terms/s/section-1202.asp
Unrecaptured Section 1250 Gains:
https://www.investopedia.com/terms/u/unrecaptured-1250-gain.asp