Personal Finance Series: Tax Basics
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?