TAX BASICS: a Beginner's Guide to Everything

Рет қаралды 46,273

Күн бұрын

💥Tax Basics Cheat Sheet → accountingstuff.com/shop
This video is a beginner's guide to all things tax. First I'll explain what tax is. Then we'll cover the burden of tax and how different taxes can be proportional, regressive or progressive. You'll also discover the difference between tax avoidance and tax evasion, along with direct and indirect taxes.
We'll then break taxes down into three distinct categories:
▪ Tax on the Stuff you Earn
▪ Tax on the Stuff you Buy
▪ Tax on the Stuff you Own
We'll cover the main taxes that fall into each of these groups and give examples to illustrate how they work.
🔴Subscribe for more Accounting Tutorials → geni.us/subtothechannel
⏱️TIMESTAMPS
00:00 - What is Tax?
00:30 - The Burden of Tax
01:20 - Tax Avoidance
01:36 - Tax Evasion
01:48 - Direct vs Indirect Tax
02:40 - Tax on the Stuff you Earn
02:44 - Personal Income Tax
05:38 - Payroll Tax
07:05 - Company Tax
07:59 - Capital Gains Tax
09:27 - Tax on the Stuff you Buy
09:35 - Sales Tax
11:46 - Value-Added Tax (aka. Goods and Services Tax)
15:03 - Excise Tax
15:48 - Tariffs
16:25 - Tax on the Stuff you Own
16:29 - Property Tax
17:50 - Wealth Tax
18:49 - Inheritance Tax
🔎FAQ
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#tax #accounting #accountingstuff

Пікірлер: 143

@AccountingStuff Жыл бұрын

What tax topics would you like me to cover next?? ⏱TIMESTAMPS 00:00 - What is Tax? 00:30 - The Burden of Tax 01:20 - Tax Avoidance 01:36 - Tax Evasion 01:48 - Direct vs Indirect Tax 02:40 - Tax on the Stuff you Earn 02:44 - Personal Income Tax 05:38 - Payroll Tax 07:05 - Company Tax 07:59 - Capital Gains Tax 09:27 - Tax on the Stuff you Buy 09:35 - Sales Tax 11:46 - Value-Added Tax (aka. Goods and Services Tax) 15:03 - Excise Tax 15:48 - Tariffs 16:25 - Tax on the Stuff you Own 16:29 - Property Tax 17:50 - Wealth Tax 18:49 - Inheritance Tax

@uB39106 Жыл бұрын

Sir, can you pls make a video on activity based costing? I know it is not a tax based topic, but pls pls pls do make a detailed video on it. Please. Thanks.

@toewai8188 Жыл бұрын

Hi James, can you please explain about Cash Flow Forecast. Thank you so much in advance.

@Rack_Academy Жыл бұрын

Could you please make a video on accounts receivable and accounts payable

@isasantoja7085 Жыл бұрын

Could you please make a video about reserve?? I was asked in a job interview and didn’t know how to explain it properly. Thanks

@taniyadg1 Жыл бұрын

Would you be able to do a vedio on calculating income taxes. Like tax on employment income, business income, etc.

@dheerthagirinathans246 Жыл бұрын

Like to have more videos on TAX!🎉

@AccountingStuff Жыл бұрын

That's great to hear! I'll see what I can put together

@yaboiavery5986 3 ай бұрын

@@AccountingStuffThe world needs somebody like you explaining this stuff. There is VERY little content on the topic.

@AccountingStuff 3 ай бұрын

Thanks :)@@yaboiavery5986

@danielngoma-ie5qy 23 күн бұрын

@@yaboiavery5986 yes plus you are great at it you know to explain

@PrometheusUnchainedAndFree Жыл бұрын

After 3 months I thought you quit KZfaq. It is so amazing to see you upload again. You are even better learning source than the paid ones. I used to watch you to learn now I am watching for fun

@AccountingStuff Жыл бұрын

Thanks for your kind words Ömer! Great to hear you're enjoying these :)

@uB39106 Жыл бұрын

@@AccountingStuff Sir, can you pls make a video on activity based costing?

@DLCS-2 Жыл бұрын

@@uB39106 there are videos . Edspira has some food ones

@uB39106 Жыл бұрын

@@DLCS-2 I know. But I want him to make one, because I understand his explanations

@danielmfraser 10 ай бұрын

@@uB39106 Have you tried edspira?

@m.yameenalli5688 Жыл бұрын

It’s been a minute, but I just want to say thanks, I started watching your videos 4 years ago to understand accounting. I just finished my degree and I’ll be graduating in two months. Thanks for everything

@AccountingStuff Жыл бұрын

Congrats on completing your degree!! Must be a huge relief to be done with it. Well done :)

@TheGippy30 Жыл бұрын

Nice to have you back James, I would like some more complexed tax videos cheers

@AccountingStuff Жыл бұрын

Thanks for your request :)

@marcoatrejoenriquez7720 Жыл бұрын

I am in an Accounting Class (Studying an MBA), and your channel has helped me a lot. Thanks!!

@AccountingStuff Жыл бұрын

Great to hear you're finding these videos helpful. Good luck with your MBA!!

@ilkinmusayev2906 Жыл бұрын

Incredible video! Thank u so much James for making it clear to all of us. Keep it up!

@AccountingStuff Жыл бұрын

Thanks Illkin!!

@Rack_Academy Жыл бұрын

Your channel has been so helpful. I saw your last upload was 3 months ago! I was shocked and i thought you quit. But then you uploaded this video and i jumped! Thank you so much for this amazing educational content

@AccountingStuff Жыл бұрын

Thanks! These videos always take me ages to put together. I put them out as often as I can

@traveltoks6578 Жыл бұрын

Hi James. I'm usually a passive watcher but I just HAD to comment. From the pictograms, the clean editing to your beautiful narration; I can tell my uni schooling could be a breeze. You are out here doing the most. Keep up! Just a subscriber giving you your flowers 🌺🌹

@AccountingStuff Жыл бұрын

Thanks for your kind words!

@johnhoffman3593 Жыл бұрын

Just started my TAX class! Perfect timing

@AccountingStuff Жыл бұрын

Best of luck with it!

@brandondean4201 Жыл бұрын

Glad your still uploading

@AccountingStuff Жыл бұрын

Cheers Brandon!

@mominaali4290 Жыл бұрын

lots of love and respect for you from Pakistan. I have shared your channel with my all Classfellows

@willyou8273 Жыл бұрын

I love your videos. I'm self taught accountant because of you. Thank you so much. Please, Show us how to avoid taxes legally.

@theguywith Жыл бұрын

I love taxation and tax bracket calculations. Intimidating.

@theguywith Жыл бұрын

killer thumbnail too 🔥

@AccountingStuff Жыл бұрын

Thanks mate!

@ManOfEarthAndNature Жыл бұрын

Tax accountant chiming in. I hope you are a professor or somehow work with students because this is fabulously done.

@AccountingStuff Жыл бұрын

Thanks!! This is a solo endeavour

@ohkalos Жыл бұрын

good to see you James! hope you’re doing good

@AccountingStuff Жыл бұрын

Cheers Austin, I'm doing great thanks. All the best

@dianacobb4732 Жыл бұрын

Thank you for the videos 👍

@AccountingStuff Жыл бұрын

No problem :)

@renavandewouw4952 Жыл бұрын

awesome video! i just bought the cheatsheet set. absolutely perfect for school! (snhu)

@AccountingStuff Жыл бұрын

Thanks for your support!

@michaellazarus8112 10 ай бұрын

OH MY GOSH> Your channel is such a blessing. I literally just found your cheat sheets in the description and I'll be robbing you of them shortly 💸

@AccountingStuff 10 ай бұрын

Glad to hear you're finding these useful!

@sonyaschiff6994 Жыл бұрын

Can you please do a payroll accounting video!! I understand your videos so much better than my instructors!!

@AccountingStuff Жыл бұрын

Thanks for your request!

@kamaukariuki7260 8 ай бұрын

Very insightful bro.

@AccountingStuff 8 ай бұрын

I appreciate that

@tytrrtt Жыл бұрын

Excellent video, get appreciation from a Big 4 employee !!!!!

@AccountingStuff Жыл бұрын

Cheers :)

@yoel8543 Жыл бұрын

welcome back missed your videos

@AccountingStuff Жыл бұрын

Cheers Huey!

@cherrydeblossom Жыл бұрын

Can you make some videos for cost Accounting and managerial Accounting?

@PrometheusUnchainedAndFree Жыл бұрын

Cool nickname

@AccountingStuff Жыл бұрын

I can do! Thanks for your request :)

@BJJsacra Жыл бұрын

Loved it ❤

@AccountingStuff Жыл бұрын

Thanks!

@neerganesan 7 ай бұрын

Thanks!

@AccountingStuff 7 ай бұрын

Thank you so much!!

@hsafi9393 Жыл бұрын

Thanks so so much, please cover Gain and Loss/Realized and Recognized with capital tax please.

@AccountingStuff Жыл бұрын

Thanks for your requests!

@HimanshuLaskar-fz6ll Ай бұрын

An accounting student here. Nice video but how do some rich people pay 0 net tax after having such a large income ????

@dinhhd1708 Жыл бұрын

Thank you so much

@AccountingStuff Жыл бұрын

You're very welcome ;)

@georgeelmore2090 Жыл бұрын

Hello mate, your videos are really helpful is there any chance you can do a video on a Service Charge Reconciliation? Thanks

@AccountingStuff Жыл бұрын

Thanks for your request!

@ganeshgadekar9234 Жыл бұрын

Thanks for your video, It helps me a lot, Can you please explain Withholding Tax, VAT/GST in more details and there recording in books?

@AccountingStuff Жыл бұрын

Thanks for your requests!

@user-tz7df6fe3b 5 ай бұрын

Hi James. Thanks for your great video. Do you have some video to teach us how to claim personal tax?😊

@AccountingStuff 5 ай бұрын

Sorry I haven't made one on that

@jaycie5021 Жыл бұрын

I used to use your vids to study for my BA in accounting. But this is the first time I watched just for fun. 2 reasons 1st my degree is due to be mailed any day now. 2nd I've worked as a professional tax preparer sense 2020. Still entertaining but yeah this was very basic.

@AccountingStuff Жыл бұрын

Congrats on finishing up your degree!!

@afnaancadey30 Жыл бұрын

Firs thank you :second Im acollege student I learned alot from you about financial accounting it was very difficult for me at first more thank you The second semester is about to begin in faculty financial accounting I really do not understand the english language I watched your vedios I understand alot of things bye teacher

@AccountingStuff Жыл бұрын

Great to hear you're finding these helpful!

@ilc-nl3yy Жыл бұрын

Hello....I started a mobile food service last year and I also have a full-time job. I know that certain businesses and ride share contractors can't write off their miles until they get to their first stop. I use half of my garage as a commissary/warehouse (area where I prep, clean equipment & pans and store inventory) and for book work. With my situation, am I able to start writing off miles when I leave my house? I have one location where I set up, so I'm not going to different locations. Thanks.

@amberliwentee402 Жыл бұрын

Good afternoon, can i get further explanations regarding to below topics, pls. Thank you. 1) Explanation on why under Deferred Tax Asset, Asset ( Tax Base > Carrying Value ); Liability ( Carrying Value > Tax Base ) 2) Explanation on why under Deferred Tax Liability; Asset ( Carrying Value > Tax Base ); Liability ( Tax Base > Carrying Value )

@ginify732 9 ай бұрын

Loved your videos! I know nuts about accounting, equipping myself with financial education (accounting from level 0). Thank you heaps, bro! Love from Malaysia!

@AccountingStuff 9 ай бұрын

No problem, all the best!

@pintotazzo Жыл бұрын

Never letting anyone down with the contenido

@frederikhamacher3981 Жыл бұрын

Bester Mann, Grüße aus Mannheim

@kizzien6651 Жыл бұрын

Can you talk about temporarily vs permanent differences?

@MaseMounty Жыл бұрын

Hello James, I have a question. Do employees pay both income tax and payroll tax? And what is the difference between them? Can you explain it more detailed, please?

@thetaxaccountant 8 ай бұрын

I am a board certified tax agent in Australia. Our tax system is the same as UK. Employees only pay income tax at a marginal tax rate depending on income. Payroll tax is levied on wages paid or payable by an employer to its employees when the total taxable wages of an employer (or group of employers) exceeds a threshold amount.

@mohamedumar3051 Жыл бұрын

Fantastic Can you make some videos in managment accounting ?

@AccountingStuff Жыл бұрын

Thanks for your request!

@minnie092407 Жыл бұрын

Awesome video!! Would it be possible to request one for WIP accounting??

@AccountingStuff Жыл бұрын

Yes of course!

@Ema.loveHyu Жыл бұрын

Hi can you make a video on control accounts BTW I love your videos. Best educational ones

@AccountingStuff Жыл бұрын

Thanks for your request!

@Ema.loveHyu Жыл бұрын

Welcome

@SimaoBelo-hs7tm 3 ай бұрын

Could you explain a little bit about What's Accounting Taxation

@AccountingStuff 3 ай бұрын

Thanks for your request!!

@Outlier_G Жыл бұрын

can you please clarify and make a video about doubtful debts and method of their recording, meaning direct method and allowance method? I hope you clarify it.

@AccountingStuff Жыл бұрын

Thanks for your request!

@geegy123 Жыл бұрын

I have been waiting for a video on Transfer Pricing and Intercompany transactions.. I had asked you an year ago i guess...

@AccountingStuff Жыл бұрын

Sorry for missing that one. I'll keep these topics in mind for future vids :)

@sarakareem2316 Жыл бұрын

Please post to do payroll in uk.

@ryder8328 Жыл бұрын

About preference shares and ordinary shares could you explain about it in future

@AccountingStuff Жыл бұрын

Thanks for your request!

@syeeeed Жыл бұрын

James why did you decide to leave 1. The UK, 2. Your Corporate Career in accounting. 3. What changes have you seen in your life since leaving moving away?

@reabo 26 күн бұрын

Do you have an videos on being tax efficient with a sipp?

@AccountingStuff 26 күн бұрын

I don't I'm afraid

@jeremyfield4148 Жыл бұрын

If I have a full time job and file a W2 to the IRS and my company takes out taxes out of my paycheck why do I need to file taxes every year. Would it not make sense for my W2 and earned wages to match so every year I break even owing and gaining no tax differences. Now I understand there are some that like to receive more money each month on earned income thus owing more money on taxes. But why would we not adopt a new tax system so we break even. If I go to a store a pay 6% tax on an item I own that item and paid taxes on that item. I do not have to claim that taxed item again.

@aleksandrakowal5661 Жыл бұрын

would you please go more into details with tax?

@AccountingStuff Жыл бұрын

I can do :)

@Mountain-Sam Жыл бұрын

I thought for capital gain tax, if capital gains tax is 35% then 35% of the gain would be added to the marginal tax rate? Thus it wouldn't be 35% as it would depend on the marginal tax rate. Can you please confirm? Or maybe I misunderstood this. Thanks!

@AccountingStuff Жыл бұрын

Every country / state / province has their own rules. You have to check with your local tax office to see what the rule is in your region

@morrismaingi5089 Жыл бұрын

Kindly lets go deeper on this topic.

@AccountingStuff Жыл бұрын

Thanks for your request!

@jonathanbrown4961 Жыл бұрын

Next do a Multi Step Income Statement

@AccountingStuff Жыл бұрын

Thanks for your request!

@jonathanbrown4961 Жыл бұрын

@@AccountingStuff Yup, had it in my class and it was a little confusing

@aditya_singh050 Жыл бұрын

GST goods and services tax

@Emergencyservice247 Жыл бұрын

@AccountingStuff Жыл бұрын

@rovercoupe7104 Жыл бұрын

Do you live in the United States?

@alen-commentnazi8774 Жыл бұрын

wait a minute are you australian living in Canada explainingUS tax?

@AccountingStuff Жыл бұрын

I'm English, living in Australia (used to live in Canada). This video is covering tax as a general concept. I don't get into any regional specifics

@hayatmahamud1099 Жыл бұрын

first😁

@AccountingStuff Жыл бұрын

🥇

@user-tz7df6fe3b 5 ай бұрын

I mean to declare Individual income tax😂

@Yassi_gorl Ай бұрын

Pers. Income tax Taxable income X Person. Income Tax Rate Average TR = Income T/P ÷ Tax Income Payroll Tax Direct Tax on Wages PAyroll Tax = Gross wages or salary X Payroll Tax Rate Company Tax Direct tax on business profits Capital Gains Tax Cap Gain X Cap Gains Tax Rate

@AccountingStuff Ай бұрын

A great summary!