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How much I pay in taxes on a $163,800 per month income




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Title :  How much I pay in taxes on a $163,800 per month income
Lasting :   14.23
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Comments How much I pay in taxes on a $163,800 per month income



Supertreme
do you save all of it to invest in more real estate or to buy yourself a house?
Comment from : Supertreme


Halloween Eye
Helpful video!
Comment from : Halloween Eye


Mayeen MD Tasin
One of the best educational video ever made in mankind And yes learning tax is hella interesting
Comment from : Mayeen MD Tasin


M 4789
does Youtube send you a T4 (called here in Canada)??
Comment from : M 4789


The Bchinis
Super fascinating and clarified a lot of those questions I had
Comment from : The Bchinis


JD
Long story short dude
Comment from : JD


Benjamin Garcia
None of this is secret either, yet people have that mentality
Comment from : Benjamin Garcia


OWild1Child
Surely you are paying yourself for making the videos also? As an independent contractor?
Comment from : OWild1Child


Hacked Fishing
I wish they taught this stuff in school for real
Comment from : Hacked Fishing


Rich Ramirez
Hey Graham, great videobrbrIf I live in NV and work in CA, so I have to pay CA state income tax? brbrThank you
Comment from : Rich Ramirez


DzNuggetz
Should be required curriculum in HS Great video Graham, as usual
Comment from : DzNuggetz


Yadira
Me screenshooting the map- to know where to move 🤓
Comment from : Yadira


Edward Gaiennie
Also my girlfriend says that if she gets a second job she will have to pay higher taxes, not because she is making more income, but just because she is getting a second job Do you know anything about this?
Comment from : Edward Gaiennie


Edward Gaiennie
Graham, my girlfriend maxed out her credit card because “it will build her credit faster” because she doesn’t understand that it’s better to have a lower credit utilization I have sent her a link to your video but she didn’t watch it😭
Comment from : Edward Gaiennie


xxviking1999xx
Great video
Comment from : xxviking1999xx


Justin Dadswell
Graham has some soft hands for a man with biceps like hisbrI want a video on that I posted this question and this question is for my bicepsbrFrom a man who was thought to be a teen well into his 30's Graham, how are you so tone with what I and many would call girly hands?brbrI'll take a second to say Wish I had your hands When my are phenomenal
Comment from : Justin Dadswell


Candace Muller
4:10 tears not tiers "as how much you pay to the state" lol
Comment from : Candace Muller


g extreme
SS Self employment taxes are capped It's not on the whole amount brbrI call BS Anyone that makes 1m/yr knows exactly what taxes are cappex and where Or you are stupid and someone is stealing from you
Comment from : g extreme


J
Yeah I'm not gonna be taxed 60 percent I'm gonna take every single tax right off
Comment from : J


Nickolas Bananto
Oh wait trump
Comment from : Nickolas Bananto


Nickolas Bananto
Okay wait we need a leader that will take away this high percent in taxes
Comment from : Nickolas Bananto


Master Painter
Screw the IRS
Comment from : Master Painter


IGURU consejos prácticos  !
yeap i know tooooons of people worry about staying OT and getting a rise because it's gonna "put them in a higher" tax bracket 😒
Comment from : IGURU consejos prácticos !


Knights2theEnd
So he never told us how much he pays in taxes I'm assuming with his wrote offs, it's close to 20 or less
Comment from : Knights2theEnd


Judy Johnson
Thank you for your advice more importantly, thank you for your honesty, you don't get that from most people these days or maybe you are just a really good liar, Graham! Best of luck with everything!
Comment from : Judy Johnson


Rumi Hayes
No one is talking about taxes in Canada
Comment from : Rumi Hayes


Roy Patterson
Hitler Joe now wants to raise taxes on rich people, guess he 100 of their Income
Comment from : Roy Patterson


Mike D
Very interesting video! Great video! I enjoyed watching! : )
Comment from : Mike D


Carter retraC
This is disgusting
Comment from : Carter retraC


Snehal Ravindra Ingle
This is literally the only video on taxes that made perfect sense to me
Comment from : Snehal Ravindra Ingle


kendalbrenneman
Uggg why don't they just lower the taxes?! Rather than force people to spend so much of their lives on this dumb paperwork just to get money back? Let me keep my money, let me circulate it within the economy NOW, not after the government gets an interest-free loan from me for a year AGG I hate it
Comment from : kendalbrenneman


Posie Reese
He is one in a million, best among many, most trusted , I almost gave up on trading then I met him through a friend, Austin is the most trusted trading expert who helped the life of my family and I ,
Comment from : Posie Reese


Johnny Whitfield
Flash forward It's 2021 Graham lives in 0 income tax Nevada which he highlighted on the map in this videobrForeshadowing done well
Comment from : Johnny Whitfield


kairiep
No, it is not taught in school because the tax code changes too often, especially after elections It would be to expensive for schools to keep up curriculum and purchase updated textbooks, and it would bore the kids to death anywaybrIn this case the best teacher is experience, and it's smart to at least have a summer job before graduation to get your feet wet
Comment from : kairiep


Arturo
Hey I know this seems dumb,but if I invested $30 in bitcoin and stocks I pay less than $30 in taxes right?
Comment from : Arturo


Andrew Schaeffer
Don't forget the foreign income exclusion act and live abroad ;) Hey, but aren't there deductions on self employment taxes?
Comment from : Andrew Schaeffer


Jake H
I really need to stop watching us law videos cuz it’s getting me confused with the British ones
Comment from : Jake H


channelofstuff
Hide ad much as you can in a retirement account
Comment from : channelofstuff


Drygord Spellweaver
What he didn't tell you is how much taxes he pays $0 from all the deductions
Comment from : Drygord Spellweaver


linn gardner
Wait 600,000 minus 63,900 in taxes is not 36,100 left over You lost me there
Comment from : linn gardner


Ferne
Remember that 60 of what he paid in taxes goes to funding the US military, which hasn't engaged in an ethical and necessary war since WWII
Comment from : Ferne


JJ Collins
As someone who is just now starting to make a lot of money, I find this video extremely helpful and extremely nauseating
Comment from : JJ Collins


Raymond Armatino
Now that Biden is President your taxes are about sky rise
Comment from : Raymond Armatino


Peder Andreas Holte
Dude, you should check out what you would had to pay in taxes in other countries, for example Norway and Switzerland Then you would payed a lot more
Comment from : Peder Andreas Holte


Coolcom
Craziness
Comment from : Coolcom


Maestrul Gamer
And i thought taxes are bad for the middle class,but for milionaires taxes are even worse!
Comment from : Maestrul Gamer


Happy Time For All
This is so nut Here in Singapore it's only 22 max
Comment from : Happy Time For All


Jimmy Junior
Taxes are dumb but I mean I get it They should just keep the low taxes rates to people that make a higher income
Comment from : Jimmy Junior


Glenn Robinson
Avacodo toast
Comment from : Glenn Robinson


J R
116 in income taxes at the state level - time to move!
Comment from : J R


MedHustle
fire video and excellent information! thanks bub
Comment from : MedHustle


KEEVVY
Is there a country with no alcohool, no smoking & no taxes I meen you pay water, gas, house tax, rod tax, why is there another tax like income, helth, no one will give you a hart for free
Comment from : KEEVVY


Vicgames Vt
I'm all for taxing the rich heavily but at the same time its quite crazy how you are taxed 50 of your income excluding state income taxes and then you are taxed property taxes,sales tax etc but it is expensive to run a society and even after taxes your extremely well off so I guess its fair
Comment from : Vicgames Vt


MP 40 Submachine Gun
Yall are lucky in the states in Ontario im paying 5353 on income over $220k combined Provincial and federal
Comment from : MP 40 Submachine Gun


Lou Costabile
Thank you Graham, I have an outstanding CPA, I have an S Corp, howeverI'm hitting that $ level where my taxes are problem, and your video was helpful which my wife enjoyed too
Comment from : Lou Costabile


Zack
gotta love republican tax policies encourages people to give their money away to things like charities and R&D to pay less taxes and encourages business to grow and expand to pay less taxes democrat policies want your money no matter what and offer no mutual benefits through taxation which discourages donations to charity or R&D and discourages growth i dont care what your faux morally superior excuses are the only ethical way to tax people is by encouragement not by force
Comment from : Zack


Omid Kamyab
go to dubai! ZERO TAX
Comment from : Omid Kamyab


Omid Kamyab
oh really alright then, where is my reply?
Comment from : Omid Kamyab


Mark and Nammy
subscribe at mine😉ill subscribe back👍 msg back pls if done so i can get notification😊
Comment from : Mark and Nammy


Jim Rr
Comrades, continue voting for The Party Taxes/earnings confiscation are not high enough yet
Comment from : Jim Rr


chris Vinci
Graham doesn't it make you a bad Democrat to not want to pay more than your fair share in taxes??
Comment from : chris Vinci


soeslife
That gay
Comment from : soeslife


William Kim
In my opinion, people who make more than half a (B)billion dollars a year should be charged a higher income tax RATE than those who earn half a (M)illion dollars a year brbrYouTube Andrew Yang’s “Freedom Dividend” and “Value Added Tax” for an innovative and sound way forward
Comment from : William Kim


Money Mel Jr
GOAT
Comment from : Money Mel Jr


Joshua Butterfield
That's so stupid bruh what gives anyone the right to take over half the money that you earned
Comment from : Joshua Butterfield


Deep Space
The second one you marked as 12 but it's actually 22 on its own
Comment from : Deep Space


E Mo
At least you get the benefit of social security investing your money at a negative 4 rate of return assuming you live long enough to get some of it back Thanks Uncle Sam
Comment from : E Mo


ledzeppelin1212
Just a daily reminder that taxation is theft
Comment from : ledzeppelin1212


David Davis
Okay well damn! Now I see why people are Republicans Luckily I'm too poor and averagely employed for this to matter to me at this point
Comment from : David Davis


The Gangsta Samurai
There is a cap on SS tax
Comment from : The Gangsta Samurai


YoloMamba
I understand why this isn't taught in high school Tax is hard and it's boring High schoolers don't file taxes, it would be near impossible to grasp brbrBut it's wild to me that our college systems require students to basically retake high school in the first 2 years, but not require students to become financially literate If you don't go the business path, you'd have to want to pick accounting or finance as an elective, which most teenagers wouldn't
Comment from : YoloMamba


Vlad Bursuc
Graham: "This is the stuff they will never teach you in school"brMe, a business law professor: bLiterally just finished teaching this stuff looking for additional content to share with students/b
Comment from : Vlad Bursuc


David Chua 16
Curious to know how American Youtubers that travels pay their taxes if most of their videos are created outside of America
Comment from : David Chua 16


Lucky Me
Skip to 11:10 Thank me later
Comment from : Lucky Me


Francisco Javier Serrano
Can you directly invest in stocks from yout Corp before paying taxes?
Comment from : Francisco Javier Serrano


Zaniya Marshall
when you live in Kentucky and are thinking about moving to Tennessee
Comment from : Zaniya Marshall


idan ofek
Alexandria Ocasio Cortez needs to watch this video
Comment from : idan ofek


Padho Aram Sa
In India: Businessman pays zero, salarymen pay 20
Comment from : Padho Aram Sa


Fany Papua
New CA tax plan 168 good luck!
Comment from : Fany Papua


Zion Luke
12:10 1 year later Graham spoke his plan of moving to Nevada into Existence
Comment from : Zion Luke


Willoughby Krenzteinburg
Going with the simplest - sort of worst-case scenario where you have $1,000,000 of self-employment net income with no itemized deductions and assuming you do not get to take any QBI deductions, I get a total of $476,787 in taxesbrbrTaxable self-employment income is only 9235 of net SE income, so $923,500 Also, you only pay SS on the first $132,900 (for 2019) of income So you pay 124 on the first $132,900 (16,480) and 29 on all the whole $923,500 (26,781) for a total of $43,261 of self employment tax (not 153,000)brbrFor those making over $200,000, there is an additional medicare tax of 09 Using the same $923,500 figure, this means you pay an additional 09 tax on income which exceeds $200,000, or $723,500 in this case for additional medicare tax of $6,512brbrThe $1,000,000 of net SE income then flows to the 1040 so you pay regular federal income tax on this You get an automatic above-the-line deduction of 1/2 of self employment tax (which was $43,262 and represents your "employer" portion of payroll tax), so that deduction is $21,631 which brings adjusted gross income (AGI) to $978,369 You then take the standard deduction of $12,200 (this is worst-case - someone making $1,000,000 would very likely have a LOT more deductions to itemize, but we are going worst-case here) This brings taxable income for federal income tax purposes to $966,169 Using the brackets, you get a tax of $322,470brbrSo on the federal tax return, we have $322,470 of federal income tax PLUS $43,261 of SE tax PLUS $6,512 of additional medicare tax for a total of $372,243brbrFor California, the federal adjusted gross income is used ($978,369) Then the California standard deduction of $4,537 is used (again, it would likely be WAY more than this) bringing California taxable income to $973,832 California income tax on this is $104,544brbr$372,243 owed on the federal return PLUS $104,544 owed on the CA return for a grand total of $476,787
Comment from : Willoughby Krenzteinburg


T J
Thank you, why this is not on the home page
Comment from : T J


Cam Christian
Graham, can you point me in the right direction to learn more about this? Also I would love an explanation on the different steps in 12:28 , how much you save then how much is smart to make before you start focusing on tax exemptions
Comment from : Cam Christian


tscgmc
The self employment tax rate reduces to only 29 once you reach the max social security limit So you would pay the 153 up to the max social security limit which is $137,700 for 2020 After that you would only pay 29 for the Medicare portion in the remainder of self employment income
Comment from : tscgmc


LANA AVA
Unless you go S-Corp to avoid the “self employed” taxes
Comment from : LANA AVA


Heavens Very Own
So they take half of everything we earn??
Comment from : Heavens Very Own


Josh Stevenson
but you can do the tax to get the money back right?
Comment from : Josh Stevenson


Sarah Young
There are many other taxes that we you did not mentionbr1 Payroll tax on all of your employeesbr2 Corporate Taxbr3 Property Taxbr4 Sales Taxbr5 Local Taxbr6 Unsecured Property Taxbr7 Gas Taxbr8 Driver License fee, Car registration feebr9 Business License Taxbr10 Taxes on Capitol Gains, Passive Incomebr11 Estate Taxes
Comment from : Sarah Young


The Bryan Powell
How much was that Dinosaur scale replica though??
Comment from : The Bryan Powell


G-Man Studios
Tax-Free Wealth by Tom Wheelwright, best 9hrs of advice on how not to pay taxes 👍🏽 if put in practice it will save you more than you can imagine
Comment from : G-Man Studios


Alexis Houde
This is SOO helpful i wish there was a video like this for Canada Great job explaining it
Comment from : Alexis Houde


Luca Silverentand
Move to the Netherlands that's a whole other tax bracket and I don't mean in a good way
Comment from : Luca Silverentand


Christina & Nathan
So in the "Tax Owed" table that was showed, is that spread across paychecks throughout the year or is this what you owe when you file your taxes?
Comment from : Christina & Nathan


Bekzhan Yerkembay
So luxorious lifestyle of rich people is their way of cheapness wow just WAW they are so clingy to what they have - that they don't want to give away portion to others even tho they earn because of others
Comment from : Bekzhan Yerkembay


Prince Leighton
Make his pockets hurt
Comment from : Prince Leighton


Prince Leighton
So your a trump suporter now
Comment from : Prince Leighton


Ronald Washington
This is my first glimpse at taxes and this video is just reminding me life sucks lol
Comment from : Ronald Washington


Matt Burkart
I’m sure the s Corp has a retirement plan to help shelter even more funds Have you thought about doing fancier defined benefit plans or setting up your own pension to get even more than the 57k put away each year
Comment from : Matt Burkart


S Fam
GRAHAM IS GIVING COMPLETELY WRONG INFORMATION!!! SOCIAL SECURITY IS CAPPED AT $137700!! SS tax NOT infinite tax Please check and correct your info
Comment from : S Fam


SuBscRibE 4our n0 rEasOn pLeez
Hi, hope u have a blessed day!¡
Comment from : SuBscRibE 4our n0 rEasOn pLeez



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