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.
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
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.
@@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.
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.
Not Uncle Sam trying to get his $40 cut from Little Susie’s Lemonade stand! 😪
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
This video is a life saver!
How does this only have 139+ likes its so helpful and i understand!👌
Yay! We're glad you liked it :)
I’m 13 and I’m already looking at this for the future
Why’d this account stop uploading
Thank you MoneyCoach
I still don't know exactly what a tax return is 😢
Fantastic
Makes more sense now.
To sum it up, yes you do
Christian Elvinia lmfao
2:34 Are you referring to the FICA tax?
“Well, for starters…” lol
Can you say how this vdeo is created?
Waiting for 3/3
Well, it’s been 6 years since they last uploaded so most likely they’re not returning any time soon…
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.
2020
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!
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.
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
I have more questions :c
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!
WE WANT YOU BACK
I don’t want to
Homie just disappeared
Bro what?
fr
Thief's