Finance & Economics

How Do Tax Brackets Work?

How Do Tax Brackets Work?

The concept of marginal income tax brackets is often misunderstood.  We may hear someone say, I don’t want to make another dollar of income because it will push me into the next tax bracket, but what is the actual consequence of making that additional dollar of income? As of 2018, there were 7 income tax brackets for individuals and families (not companies or certain types of trusts) that ranged from rates of 0% all the...
Do I Owe Taxes If My Grandma Gives Me A Birthday Check?

Do I Owe Taxes If My Grandma Gives Me A Birthday Check?

Quick answer: No!  Monetary gifts are tax-free to the recipient.  It’s possible that the person giving the gift would have a reporting requirement for tax purposes, but when you get that $20 Christmas check from grandma, rest assured that it will have no impact on your annual tax bill. Ex5 Podcast Episode 6: Taxes Listen to the full podcast: Spotify | iTunes. In 2018, an individual could gift another individual up to $15,000 without any tax payments...
Ex5 Podcast Episode 6: Taxes

Ex5 Podcast Episode 6: Taxes

No one enjoys paying taxes, but seeing as they are one of life's few inevitabilities, we asked Certified Public Accountant Victoria Wikiera to help us understand how our taxes work. She explores everything from how the government uses our tax dollars, to how gifts are taxed, to those phony IRS calls saying the sheriff is on his way to your house with a warrant for your arrest.
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