Tax Education Part 1: Breaking Down Federal and State Income Tax

Taxes can be downright bewildering and scary – but that’s exactly what you’re made to feel. In this episode, we embark on an enlightening journey through the world of taxes.

There’s the complexities of federal income taxes, including standard deduction, capital gains, and payroll taxes. On the other side are the state income taxes, including sales and property taxes. Lastly, there’s the age-old question: How important are taxes to us personally? Or more specifically, do we really need to worry as much as we do about it?

Join us as we demystify the complex through tax education, in this latest episode of Fiscally Savage.

Show Highlights

• [02:56] Why are taxes intimidating and confusing?

• [06:35] Breaking down federal income taxes

• [08:10] Standard deduction

• [09:33] Capital gains

• [12:16] Payroll taxes

• [15:20] Breaking down state income taxes

• [20:12] Sales taxes

• [24:59] Property taxes

• [27:45] How important are taxes, really? 

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