UNDERSTANDING TAXES

This video breaks down the fundamentals of the US tax system, making it understandable for beginners and students. It explains the concept of tax brackets, walks you through the steps of calculating taxable income, and clarifies the difference between deductions and exemptions. Here are the top 3 things you will learn:

  • How tax brackets work and how they affect your tax liability.
  • The difference between gross income, adjusted gross income (AGI), and taxable income.
  • How to use deductions and exemptions to lower your taxable income.

 

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