There tends to be a lot of confusion when it comes to income taxes in America. People often mistake their tax bracket as the rate they pay on ALL their income, when instead, income taxes are marginal and progressive, meaning that portions of your income are taxed at different rates that increase as you earn more. In this episode, Zach Roberts of Application-Based Learning and I walk through how income tax works and explain what a marginal tax system is. Enjoy!
Helpful site to check for your own tax table based on filing status: https://www.nerdwallet.com/article/taxes/federal-income-tax-brackets
To learn more about Zach and Application-Based Learning, check out:
-Facebook: https://www.facebook.com/ApplicationBasedLearning/
-Instagram: https://www.instagram.com/teacherzach/
Pick up a copy of Chase's book here: https://www.amazon.com/dp/1082783188
