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Do I Need to Pay Federal Taxes? (Tax Basics 2/3)
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- เผยแพร่เมื่อ 15 ส.ค. 2024
- In this video, you'll learn how to figure out if you need to pay federal taxes and why filing a tax return may actually make you money!
This is so helpful as a student in this position, thank you
We know this may seem overwhelming
The overwhelming part to me is understanding exactly what all these terms mean. For example, what exactly is gross income? Is it earned income, unearned income and self-employed income before taxes all together? It seems earned income is income from wages and salaries, but it's confusing because isn't income from self-employment income also earned? If it's not self-employment income, a better term would be wage/salary income.
Another confusing part is at 1:42. What's this $5,950 + $350 part about? Why isn't it just $6,300? Since it isn't, it seems there is some significance here I'm missing here which could be crucial.
" You are required to file a tax return for 2019
Your return's gross income is equal to, or exceeds, $5." - IRS tool
damn. that's a big jump from $10,300 to $5 in just four years.
i wish my internship gave me 30,000...
Most full-time jobs wouldn't pay someone fresh out of high-school that much. I've been working for years and just recently started making that much after getting a better job four times. Got married and had a baby in that time. Lol
@@Max-Blast_Media depends on what you go into. I made over 40k in 8 months as an engineering intern
Not Uncle Sam trying to get his $40 cut from Little Susie’s Lemonade stand! 😪
How does this only have 139+ likes its so helpful and i understand!👌
Yay! We're glad you liked it :)
Why’d this account stop uploading
I’m 13 and I’m already looking at this for the future
To sum it up, yes you do
Christian Elvinia lmfao
I still don't know exactly what a tax return is 😢
Ok sounds good, but what is a tax return?
Right😂.. i need to learn what it is
It's when you make the government return your taxes. If you payed too much to begin with that is.
where have you been ? its been 4 years..I still want to learn about taxes (part 3/3) and more stuff about money
Yeah wondering the same thing
Bit late to this comment here, but for anyone else wondering: It's on their channel uploaded just before part 1. Looks like parts 1 and 2 were reuploaded at later dates.
Waiting for 3/3
Well, it’s been 6 years since they last uploaded so most likely they’re not returning any time soon…
“Well, for starters…” lol
This video is a life saver!
Ever going to publish another video?
Thanks for your interest! For now we have covered the topics we want to cover. However, that may change in the future!
Thank you MoneyCoach
Nobody ever talks about the fact that basic necessities cannot be taxed and the word income is defined as a federal employee interest-bearing account
2:34 Are you referring to the FICA tax?
I have more questions :c
Makes more sense now.
Can you say how this vdeo is created?
Fantastic
2020
WE WANT YOU BACK
I don’t want to
What are net earnings for SE?
Self employment income.
@@willoughbykrenzteinburg Excuse me, does that mean, having your own business?
@@liavhanegbi2729 Generally speaking, yes. It means you dont have an employer. You are your own employer, AKA "self" employed.
When you are an employee, your employer withholds payroll taxes from your paycheck for Social Security and Medicare. This is what you pay in payroll taxes. Your employer also matches this and they pay tye same payroll taxes. When you are self employed, you are responsible for both the employer and employee portions of these payroll taxes. This is the SE tax.
@@willoughbykrenzteinburg Got it. Thank you!
Homie just disappeared
Bro what?
fr
Thief's