How To Calculate Federal Income Taxes - Social Security & Medicare Included

This finance video explains how to calculate the amount you owe in federal income taxes.  It also explains how to calculate the amount of fica taxes or social security and medicare taxes that you need to pay if you're self-employed.  In addition, it discusses how to calculate the amount of state income taxes that are due.  Finally, this video discusses the impact of tax credits vs tax deductions on your tax bill.  It also mentions how to calculate your effective tax rate.

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