Do I Need to Pay Federal Taxes? (Tax Basics 2/3)

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!

[genesmolko]

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.

[juliapsiewert]

i wish my internship gave me 30, 000...

[abcdefg]

" 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.

[juliaketelhut]

This is so helpful as a student in this position, thank you

[BambiiBrooke]

Not Uncle Sam trying to get his $40 cut from Little Susie’s Lemonade stand! 😪

[MariaGarcia-hgzw]

How does this only have 139+ likes its so helpful and i understand!👌

[chastitydruga]

I’m 13 and I’m already looking at this for the future

[somadilaagulanna]

I still don't know exactly what a tax return is 😢

[nancyy]

where have you been ? its been 4 years..I still want to learn about taxes (part 3/3) and more stuff about money

[Obbsnja]

Ok sounds good, but what is a tax return?

[omyfkpl]

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

[samtheammyk]

2:34 Are you referring to the FICA tax?