USPS Pension, TSP & Social Security? How To Calculate Your Tax
Had a question from a subscriber about the taxes he'll owe on his three sources of retirement income: TSP distributions, Social Security and his USPS pension.
So, I figured it'd be fun to go over this step by step. Weird, no?
Before we get started though Let me ask you my friends, if you are in a 22% tax bracket what would your tax be on a $20,400 TSP Distribution?
Did you take your trusty calculator and times $20,400 by .08 as most people do to get $4488?
Guess what, that'd be WRONG!!!!
That TSP distribution will actually cause you to pay 30% in income taxes, JUST TO THE FEDS and yet you're still knee deep in the 22% tax bracket.
HOW CAN THIS BE???? Watch the video and I show you the ugliness that is the US Tax Code. ?
Видео USPS Pension, TSP & Social Security? How To Calculate Your Tax канала Heritage Wealth Planning
So, I figured it'd be fun to go over this step by step. Weird, no?
Before we get started though Let me ask you my friends, if you are in a 22% tax bracket what would your tax be on a $20,400 TSP Distribution?
Did you take your trusty calculator and times $20,400 by .08 as most people do to get $4488?
Guess what, that'd be WRONG!!!!
That TSP distribution will actually cause you to pay 30% in income taxes, JUST TO THE FEDS and yet you're still knee deep in the 22% tax bracket.
HOW CAN THIS BE???? Watch the video and I show you the ugliness that is the US Tax Code. ?
Видео USPS Pension, TSP & Social Security? How To Calculate Your Tax канала Heritage Wealth Planning
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21 января 2019 г. 21:38:17
00:19:41
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