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Instructions and Help about 1040 sample
All right welcome back to another podcast with mr. Haggin and on this podcast we're going to look at some practice problems some sample or examples of calculating income taxes and we're going to use this three-step process down here that I talked about on a previous video and that is we're going to subtract away deductions that's going to be step 1 we're going to calculate taxes owed using a tax line that's going to be step 2 and then we're going to subtract away any tax credits that's going to be step 3 and then finally we'll calculate the average tax rate and the marginal tax rate at the end so let's let's get right into it and so let's do this example here where we have a family of four with two children and we're going to say that in this family mom earns $65,000 per year and that earns $65,000 per year and we're gonna have what's called a standard deduction so a deduction that's an important word standard deduction and in the old tax laws now this is changing I'm recording this at the beginning of 2022 and so there's a new tax law that just passed at this time and that's going to change the way deductions work that's not gonna change the way they work it's gonna change the size of them but so I'm not gonna worry about that right now I'm going to say the order tax deduction was around twelve thousand it was actually like twelve thousand seven hundred or something like that but we're just going to use the number twelve thousand here just to keep things simple so we're gonna say you get a standard deduction of twelve thousand dollars for a for a family for what's called married and filing jointly so since we have a mom and dad they're married and they're filing their taxes jointly and then they also get a deduction for their retirement contributions so let's say that they decide that they're going to put $10,000 into retirement accounts so these retirement accounts these can be things like what's called a 401k what's called a 403 B what's called a traditional IRA we're not going to get into all the details of those things right now but I'm just gonna say that these these are the names of different retirement accounts there's other ones too 457 s there's various different things but these are kind of the big ones and so people if they put money in these retirement accounts and they can invest those in stocks and bonds and all kind of different things they get a tax deduction and that's what's important to us right now they get a tax deduction when any of those retirement contributions for money that they put into retirement accounts they get a tax deduction so if they put $10,000 into retirement accounts okay then they get $10,000 deduction on their taxes and then they.