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Dec 3 , 2018
whatfinancestateincomereturneasykidstaxinterestbasicssimplebeginnerspersonal financenewbiefederalbeginnerrefundpeasytax bracketstax slabstax refundfiling tax returnwithholdingpenaltytax returnstandard deductionApr 15paycheckincome tax refundIncome Taxwitholdingfiling returnThis video answers the basic question "What is Income Tax" in a simple, kid-friendly way. It also addresses the topics below:
- What is Income Tax
- Does everyone pay the same amount of Income Tax (tax brackets)
- Do you pay Income Tax if you earn very little (standard deduction)
- Is it better to earn less on purpose to qualify for a lower tax bracket
- Different types of Income Tax (federal and state Income Tax)
- Is the state income tax the same for all states
- Does the Income Tax rate change or is fixed
- When do we pay income tax (tax is withheld from your paycheck)
- What happens if you pay extra Income Tax (Income Tax refund)
- What if you don't pay Income Tax or pay less Income Tax (interest and penalty)
- How does the government know how much you have earned and how much Income Tax you have paid (filing Income Tax return by Apr 15)
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