TAXES: Consumer Economics With Nettie Mooselock

good morning Daddy [Music] [Applause] [Music] foreign [Applause] [Music] I have excused this time must practice for a big chance with Fields harmonica Orchestra you mean the Philharmonic yes you put me on no cross my nose and hope to try today is audition maybe maybe Nettie can help persons I'll be happy to what do you want me to do I could come out to a couple jokes look at them up for you you know what I mean no please Airsoft need help with application form one thing I cannot answer what means sessional SS number social security number ah social security number is Spencers all questions that's cute but I think they want you to write in your number but I have no number of course you do everyone in America who works for a living has one without a social security number you're nothing nothing I am disgraced I go back home to Paraguay or if we're the same murami whoa whoa where's that back back getting your social security number is easy anybody can get one you just go to your nearest Social Security office or post office you apply for one and they send your card like this see it's easy okay I Stay but tell me what means Social Security Social Security it's a kind of a government pension plan for everybody who works and pays taxes come on downstairs I'll show you sit yourself down here [Music] um now let's say this pie represents your paycheck you're pulling my nose that's leg and I'm not this is your paycheck you hear the syntax books all the time now the government will take out a small chunk of your paycheck let me see your hand that goes into the Social Security fund in addition your employer has to kick in the same amount in your name see now all this pie where all the money that this pie represents is put into the Social Security fund then when you retire you can't work anymore you can apply for a pension and the government will send you a check every month and that's Social Security that is a wonderful thing no that is wonderful thing yes and it says American as as eating with hands don't you have to go somewhere else goes to audition another moment too soon [Music] Bravo what's up your brain moves me Mozart never sounded so beautiful so honest so do I get job yes sir you're high most happy moment [Music] [Applause] [Laughter] it's all right I'll be okay just fill out this W4 form and return it to my office and I'll put you on payroll all right foreign papers why more papers I hate papers I cannot work under such conditions papers know that too many papers I will not I cannot oh where's that how the audition goes [Music] [Applause] [Music] Airsoft their socks what's going on huh Marini makatuli moraja W4 form yeah I know you already told me that oh sorry Elsa leaves country goes back home to serbo Croatia in the first place the bus to serbo Croatia doesn't run on Tuesday in the second place what the heck are you doing oh Nettie I cannot make it um you blew the audition huh no quite a contrariness I practice day I practice night yeah we know today I make beauteous music get drunk far out so what's wrong it's atmosphere had more papers so fill them out forum is very great waste of time air SATs artists cannot be bottled bother let me see ah the old W-4 for me no sweat can't explain that to you come on let's see you have heart the moon Gold Tattoo come on go right in there let me help you [Music] for someone you have to fill out a W-4 form why because what you put on that form will help decide how much tax you'll have to pay how you see this the total number of allowances you are claiming I have not received allowance since he was small boy no no in Tokyo different kind of allowance how so it means the number of people you support including yourself the more people you support the less tax you'll owe like for instance if you were supporting a wife and two children you'd put down four dependents or allowances yourself your lovely wife and your two rotten kids but I am just me so I put down one foreign right but there are special conditions like if you only have a part-time job when you can put down more than one that is lying no it's not there are all kinds of special ways to work this so read the instructions and if you still have any questions just ask your bookkeeper at work oh Madam Nettie once again you have helped me out the jelly Jam no I stay with jelly get out of here I'm going to even know when nothing man did your paycheck [Music] [Applause] a drink proper Steve's Crooks the Grand Theft [Music] Diane okay Bob we're two this time my homeland of course Kuala Lumpur look you're trying to Kuala Lumpur not fast this way but wanna tell me why you're taking this little journey I have been bambezzled 146.90 so what's wrong with that what's it supposed to be here such two hundreds of dollars you did get two hundred dollars but part of it was taken out to pay the taxes see happens every paycheck it's called the pay as you go system will I pay now I go Airport it's like I can't let you go at least not without paying you ran let the you very kind yeah I know come on home I can explain it to you much better in the kitchen oh no All Aboard last call have a nice trip [Music] all right now listen up no please this is your paycheck right how much you get 200 a week yes all right now this is two hundred dollars now each week the government takes out a small portion for your income tax open up and a small piece for something else you remember what that's for I think Social Security hurry come on and another piece for some other taxes now you see the government gets to keep this much you get to take home this much and the whole process is called withholding taxes you know why because spies come with holes in it very close it's called withholding because your employer withholds this money from your paycheck for the government that's what I meant when I said pay as you go you're actually paying your taxes all year long little by little bit by bit oh he's like we say in my native Bucharest [Music] oh sadness more papers it success [Music] okay Chuck what do you think you're doing how very good of you to come I have questions today this common nail but is all Greece to me that's great funny so am I but I understand it not okay let's have a look um the uw-2 for me remember when we talked about withholding no pies just talk cool it how they take taxes and Social Security out of your paycheck yes well this form tells you what your employer paid and how much tax he was held for the whole year you'll get one of these at the end of every year and the government gets copies too that is very wonderful thank you later Nettie why is this very wonderful because when you file your income tax return you'll need this information more papers by the way since you've never filed income tax before you'll have to ask the IRS to send you the form and you should get it in oh a week or so [Music] look at that I got a banana foreign I want to go home hey so do we all where'd you that's a Wonderland at 9 15 . sorry lady bunny land Penn Street stops it ain't honored just drive huh foreign what's with you [Applause] hey send me this [Applause] oh you're okay I bet your income tax return form but they pay already my income tax little by little bit by bit and you probably need not pay any additional taxation but nevertheless you must file an income tax return by April the 15th list the IRS penalize you monetarily thank you Alexander Hamilton let's see and you've probably noticed fourth width there are two basic tax return forms there's your basic warm form and your basic short form and the basic short form is basically shorter than the basic long form basically yeah but your short form is less complicated than you look for you'll find it's especially suitable for individuals such as yours truly who do not make zillions of dollars I want a cab I get a financial advisor [Applause] thank you and don't forget to declare the tip on your income tax this is a tip almost I am our most Finnish reading instructions ah I kind of explained that to you yes but you get pies all over form now here is what I learned since I have W-2 form and since this is All the Monies I earn I just marked down how much I earn and how much tax I pay out already yes absolutely now get yourself a pencil and I'll help you fill out the rest of the form subtract 9 13 B from line 13 a into fly total number of exemptions subtract and enter difference but not less than by 750 now I looking back to see how much tax I should have in line 13. less money than I pay already little by little bit bit so line 17 is larger than line 15. a bit too much decks I get refund Eureka what means before refund means that according to this form your tax bill for this year should be sixteen hundred dollars but you've already paid 16.50 lead to by lethal bit by bit so you file your return and they'll send you back the 50 bucks they owe you oh good nothing most like you have helped me again in time of need is anything there as such can do for you yes there is you can take some of these pies out of here you might need him to figure out your state tax return I am your humble virgin servant here can air such ask you a question shoot why you always use pies to tell me on taxes what Buys have to do with taxes well nothing really it's it's just the pies or traditional symbols for you know dividing things up they're just uh symbols they what [Music] [Applause] [Music] [Applause] [Applause] [Music] thank you