TAX BASICS: a Beginner's Guide to Everything
Video Overview & Insights
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00:00 - What is Tax?
00:30 - The Burden of Tax
01:20 - Tax Avoidance
01:36 - Tax Evasion
01:48 - Direct vs Indirect Tax
02:40 - Tax on the Stuff you Earn
02:44 - Personal Income Tax
05:38 - Payroll Tax
07:05 - Company Tax
07:59 - Capital Gains Tax
09:27 - Tax on the Stuff you Buy
09:35 - Sales Tax
11:46 - Value-Added Tax (aka. Goods and Services Tax)
15:03 - Excise Tax
15:48 - Tariffs
16:25 - Tax on the Stuff you Own
16:29 - Property Tax
17:50 - Wealth Tax
18:49 - Inheritance Tax
This video is a beginner's guide to all things tax. First I'll explain what tax is. Then we'll cover the burden of tax and how different taxes can be proportional, regressive or progressive. You'll also discover the difference between tax avoidance and tax evasion, along with direct and indirect taxes.
We'll then break taxes down into three distinct categories:
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โช Tax on the Stuff you Earn
โช Tax on the Stuff you Buy
Thank you for making this basic but comprehensive overview on taxes. Man itโs really a lot. (the inheritance tax is basically extortion)
โช Tax on the Stuff you Own
We'll cover the main taxes that fall into each of these groups and give examples to illustrate how they work.
I wonder how much just goes to having embassies
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Popular opinion: Life would be better without taxes
00:00 - What is Tax?
00:30 - The Burden of Tax
01:20 - Tax Avoidance
01:36 - Tax Evasion
'Pay per use' and similar models are interesting, but for a business, ongoing, proactive support is better. I always recommend a relationship-focused firm when looking for tax preparation Stone Mountain.
01:48 - Direct vs Indirect Tax
02:40 - Tax on the Stuff you Earn
As a legal adult over the age of 18, i find this video very informative. Since i am a legal adult over the age of 18, i am going to drink beer after watching this video because i am a legal adult over the age of 18. Man, I love beer.
02:44 - Personal Income Tax
05:38 - Payroll Tax
Super clear thank you! (Also, love all the references ๐)
07:05 - Company Tax
07:59 - Capital Gains Tax
Ah, thank you so much for helping me be the good tax knowledgeable adult that I am!
09:27 - Tax on the Stuff you Buy
09:35 - Sales Tax
Dear a fellow tax paying legal adult,
I have recently come into troubles with my taxes. These troubles caused me to turn to YouTube, where I found your channel, Accounting Stuff. Your explanations about deductions, income brackets, and filing requirements were not only informative, but also reassuring in these complex financial times. I feel more confident navigating the labyrinth of tax law thanks to your guidance.
Thank you for the help, a very legal adult such as myself.
11:46 - Value-Added Tax (aka. Goods and Services Tax)
15:03 - Excise Tax
Iโm 41 years old. Let me say it again โ Iโm 41. And I hate taxes. Like, seriously, taxes are the worst. Iโm 41, and taxes? Absolute trash. Every damn year, 41 times over, taxes just steal my money and my soul. Iโm 41 and I hate taxes like itโs my full-time job.
But you know what I do love? Gambling. Casinos. Drinking till I canโt feel my regrets. Sex. Yeah, all that good adult stuff. Iโm 41 and taxes can suck it while Iโm busy hitting the blackjack table, downing shots, and living my best chaotic life.
Iโm 41, taxes are lame, gambling is fire, drinking is a must, and sex? Always the cherry on top. Taxes? Nah. Iโm 41, taxes are the enemy, and casinos are my playground.
15:48 - Tariffs
16:25 - Tax on the Stuff you Own
thank you as a definitely straight american white man
16:29 - Property Tax
17:50 - Wealth Tax
This beginnerโs guide covers a lot. For anyone ready to take the next step, Accounting Plus Financial Services Inc. offers reliable cloud based accounting solutions Canada for individuals and small businesses.
18:49 - Inheritance Tax
๐FAQ
Isn't the wealth tax is the other name for income tax .
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These videos of yours is a lifesaver! Please consider making a playlist for taxation!
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I love this channel! You have personality... thank you for these videos!!!
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Taxation truly is theft ๐
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capital allowance and how they are accounted for
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I wonder if thereโs going to be a birth tax and or death tax, jokes aside great video ๐
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You're just amazing and blessed
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I am in my very first tax class and Iโm going to cry. lol
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Hi James. You said Payroll Tax is a Direct tax. But I thought Direct taxes refer to those directly paid by the payer to the government, while Indirect taxes refer to those which were passed on to someone else to then pay the government. Since the employer is sending the money to the government, shouldn't that mean it's an Indirect tax?
More User Perspectives
6:25 - In the example of personal income tax, his whole 80k was taxable. But now we're talking about the 60k portion which is subjected to payroll tax rate. Does this mean that the 60k is subjected to both the personal income tax rate AND the payroll tax rate?
@jaidev7776:48 "But this one is up for debate, you could argue payroll tax is actually regressive, since wealthy people tend to earn income from other sources like investments, which are exempt from payroll tax." But that argument admits that other sources of income have nothing to do with payroll tax, so it's not fair to call it regressive, right?
@jaidev777Do you have an videos on being tax efficient with a sipp?
@reaboPers. Income tax
Taxable income X Person. Income Tax Rate
Average TR = Income T/P รท Tax Income
Payroll Tax
Direct Tax on Wages
PAyroll Tax =
Gross wages or salary X Payroll Tax Rate
Company Tax
Direct tax on business profits
Capital Gains Tax
Cap Gain X Cap Gains Tax Rate
An accounting student here. Nice video but how do some rich people pay 0 net tax after having such a large income ????
@HimanshuLaskar-fz6llโค๐
@X3non-018Could you explain a little bit about What's Accounting Taxation
@SimaoBelo-hs7tmAre you English or American?
@870LAURAI mean to declare Individual income tax๐
@Yoki-n1yHi James. Thanks for your great video. Do you have some video to teach us how to claim personal tax?๐
@Yoki-n1yThanks!
@neerganesanVery insightful bro.
@kamaukariuki7260OH MY GOSH> Your channel is such a blessing. I literally just found your cheat sheets in the description and I'll be robbing you of them shortly ๐ธ
@michaellazarus8112Do you live in the United States?
@rovercoupe7104Hello....I started a mobile food service last year and I also have a full-time job. I know that certain businesses and ride share contractors can't write off their miles until they get to their first stop. I use half of my garage as a commissary/warehouse (area where I prep, clean equipment & pans and store inventory) and for book work. With my situation, am I able to start writing off miles when I leave my house? I have one location where I set up, so I'm not going to different locations. Thanks.
@ilc-nl3yyGood afternoon, can i get further explanations regarding to below topics, pls. Thank you.
1) Explanation on why under Deferred Tax Asset, Asset ( Tax Base > Carrying Value ); Liability ( Carrying Value > Tax Base )
2) Explanation on why under Deferred Tax Liability; Asset ( Carrying Value > Tax Base ); Liability ( Tax Base > Carrying Value )
Never letting anyone down with the contenido
@pintotazzoCan you talk about temporarily vs permanent differences?
@kizzien6651โ Promo_SM
@nash1072lots of love and respect for you from Pakistan. I have shared your channel with my all Classfellows
@mominaali4290I love your videos. I'm self taught accountant because of you. Thank you so much. Please, Show us how to avoid taxes legally.
@willyou8273Hello James, I have a question. Do employees pay both income tax and payroll tax? And what is the difference between them? Can you explain it more detailed, please?
@MaseMountyPlease post to do payroll in uk.
@sarakareem2316Loved it โค
@BJJsacraNext do a Multi Step Income Statement
@jonathanbrown4961About preference shares and ordinary shares could you explain about it in future
@ryder8328