If you have a traditional job, every time you get paid, there may be a lingering question in your mind. Somehow, the amount of this paycheck doesn’t come out to my hours times my pay. Why?
On today’s video, we’re going to dig deep into the gap between “gross income” and “net income.” What lives in the space there? Is that money stolen by the government for taxes? What is it used for? How much do I get to keep (or get back)?
Today’s Trav Talk: Where Does My Paycheck Go?
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Music: “Stomp” by Rex Banner (from artlist.io)
Sources and Links:
- State Income Tax Rates: https://www.nerdwallet.com/article/taxes/state-income-tax-rates 2020
- Tax Brackets: https://taxfoundation.org/2020-tax-brackets/
- 2019 Discretionary Spending: https://www.cbo.gov/publication/56326 2019
- Mandatory Spending: https://www.cbo.gov/publication/56325
- 2019 Federal Revenues: https://www.cbo.gov/publication/56327
- General State Outlays: https://www.cbpp.org/sites/default/files/atoms/files/policybasics-statetaxdollars.pdf
- Paycheck Video: https://www.youtube.com/watch?v=dApGdXs-elc
- Roth vs. Traditional Graphic: https://unboxed-analytics.com/wp-content/uploads/2018/06/roth-vs-trad-1.png
- FDR Video: https://www.youtube.com/watch?v=08Tn5wiN0yk
Thanks for watching!
