From the course: Personal Finance Tips and Tricks
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How much tax do you really pay?
From the course: Personal Finance Tips and Tricks
How much tax do you really pay?
- The only certainties in life are death and taxes, or so the old saying goes, but why is it that the people who can most afford to pay tax seem to pay the least? Well, for starters, they have the help of accountants, tax attorneys, and investment structures that enable them to pay legal but minimal tax rates in a way that regular people on a salary can only dream about. Or can they? If you're not a tax minimizing millionaire, let's figure out how much tax you really pay. Let's say you're on a salary. The first place to start is your pay stub. See what's being deducted each pay cycle to make sure that you're paying enough and you won't have to top up at tax return time. If you're self employed or run a business, it's even more important to figure this out, as you aren't paying as you go. Whether you're salaried, self employed, or an hourly worker, estimate how much tax you'll be paying on an annual basis, but don't stop there. Consider all the other places in your life where you're…
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