Episode 252 - How Do Taxes Work?
Beer & Money
English - June 03, 2024 11:00 - 11 minutes - 9.69 MB - ★★★★★ - 12 ratingsInvesting Business Management assets quantified beerandmoney debt finance finances financialplanning investments lifeinsurance money Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In this episode, Ryan Burklo discusses tax brackets and how they work. He explains the difference between marginal and effective tax rates and emphasizes the importance of understanding how taxes work when deciding where to put your money. Burklo provides an example of tax brackets for a married filing jointly tax code and calculates the total tax amount due. He also discusses the implications of different types of accounts, such as qualified accounts and Roth accounts, on taxes. Burklo concludes by highlighting the importance of considering tax strategies for retirement and the difference between growing wealth and distributing wealth in terms of taxation.If you would like to learn more about Quantified Financial Partners, please visit our website www.beerandmoney.net
Takeaways
Understanding tax brackets and how they work is crucial for making informed financial decisions.
Different types of accounts, such as qualified accounts and Roth accounts, have different tax implications.
Considering tax strategies for retirement is important to mitigate tax liabilities.
Growing wealth and distributing wealth have different implications in terms of taxation.
Chapters
00:00 Introduction: Demystifying Tax Brackets
06:39 Choosing the Right Accounts