Subject 9 of 15
Taxes
Taxes without the headache: where your money goes, how tax brackets really work, and what filing is all about.
Why is my payslip smaller than my salary?
6 modules, from the first step to the finishing touches. Each one is a few short lessons you can do in one sitting.
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1
The part that is not yours
Why we pay taxes, what income they’re worked out on, and how to set tax aside yourself when no one does it for you.
5 lessons -
2
What your rate really is
How tax brackets really work, and the difference between the rate on extra income and the rate you actually paid.
5 lessons -
3
What you can subtract
Tax deductions versus tax credits, the standard amount versus itemizing, and keeping proof for your claims.
8 lessons -
4
The paperwork year
Filing your tax return: who needs to, when it’s due, whether to pay for help, and how to fix a mistake.
7 lessons -
5
What was already taken
The tax taken from your paycheck, why it’s never exactly right, and how it gets squared up at the end of the year.
5 lessons -
6
Money that is not wages
How tax works on investment gains, losses and dividends, and how a loss can lower the tax on a gain.
6 lessons
Questions about taxes
How do tax brackets work?
Your income is taxed in slices. Only the part above each line gets the higher rate, not your whole paycheck. So moving into a higher bracket doesn’t shrink the rest of your pay. Lever shows how it adds up.
What’s the difference between a tax deduction and a tax credit?
A deduction lowers the income you’re taxed on. A credit takes money straight off the tax you owe, so it usually saves you more. Lever explains both with simple examples.
Why do I need to file a tax return?
The tax taken from your pay during the year is a best guess. Your return checks that guess against the real number, so you either get some back or settle up. Lever covers who needs to file and when, using your own country’s rules where we’ve checked them.
Ready to start taxes?
It’s free, and your first lesson takes about two minutes.