In our daily conversation or text messaging, we used to use ‘thanks or thank you’ frequently.
Here are some more detail and correct usages of it.

In English, ‘thank you’ is more formal and polite usage than ‘thanks’.

Thank you	Thanks
– formal  – thank you very much – thank you ever so much – thank you a lot – thank you very much indeed – thank you indeed – thank heavens, thank goodness – thank you heavens, thank you goodness – thank you for + ving (thank you for coming) – thank you for your coming	– informal  – thanks you  – thanks very much – thanks a lot – thanks very much indeed – thanks heavens, thanks goodness – thanks for coming

yes, please (thank you)

If someone offers like that, would you like another piece of cake?

yes, please (or) thank you (or) thanks

– Yes, thanks (when you accept other offer)

when deny others offer,

– No, thank you. (or) No, thanks

It’s OK -> yes, thanks

How to reply if other people say ‘thank you’ / ‘thanks’ to you,

– Not at all

– You’re welcome

– Don’t mention it

– That’s all right

– That’s OK

Enjoy!!!

__credited to Teacher HayMar