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US Income Tax Explained | Taxes 101

Are you curious about what the federal income tax is and how it works? Do you want to know the basics of US income tax? Watch this video and learn a brief history, what type of tax system we have, and how it works! The US income tax operates under a progressive structure, using marginal tax rates. Unfortunately, there is a lot of confusion about how our tax system works but with a few examples, it becomes a lot clearer. 0:00 Income Taxes are Relatively New 0:20 A Brief History of the Federal Income Tax 1:36 What Kind of Tax System We Have 2:12 Example One 3:12 Example Two 5:59 How to Use the IRS Tax Tables (Form 1040) 8:03 BUT... There's More #taxes #tax #tax101 ☑️Love our content? Subscribe!☑️    / @apennypinchersguide   Our website: https://apennypinchersguide.com/ DISCLOSURE: We are not financial advisers. The ideas presented in this video are for entertainment purposes only. Although the information is researched and vetted beforehand, it may not be up to date at the time of viewing. Please do your due diligence and research on the topic. You (and only you) are responsible for the financial decisions that you make.