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Personal Finance Series: Tax Basics

By Jake T. Erlendson, Hope Carlson on August 10, 2020
Categories: PERSONAL FINANCE SERIES, TAXES

This video answers the following questions:

  • What are taxes?
  • What’s the anatomy of a W2?
  • What does a 1040 look like?
  • What are capital gains vs. ordinary income taxes?
  • What are tax brackets? What’s the marginal tax rate? The effective tax rate?
  • How does the Kiddie Tax work?
  • What are some of the most relevant deductions for this age group (above-the-line and itemized), including:
    • Student loan interest
    • Charitable giving
  • What are credits, including the American Opportunity Credit and the Lifetime Learning Credit?
  • How do taxes work with various kinds of retirement accounts (Roth vs. traditional IRA, 401k) and with FSAs and HSAs?
  • When is it important to talk with a CPA about your taxes?

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