By Dan Wright (Principal at Clark Nuber), and Karlyn Kurokawa (Associate at Clark Nuber) Currently, all U.S. individual wage earners are subject to a 1.45 % Medicare tax on all of their wages and self -
employed individual taxpayers are subject to 2.9 % tax on their «self - employment... Continue reading →
Not exact matches
Most find that the average
taxpayer devotes little time to paying taxes, but that a small subset (many of them high - income and self -
employed individuals) devotes much more.
These companies, which are often owned by or
employ the same
individuals, collaborate to pad their wallets at
taxpayer expense.
Individuals, self -
employed taxpayers, businesses, charities, and non-profits (and even paid professional tax preparers) can e-file taxes online for free if their adjusted gross income (AGI) is $ 57,000 or less.
Taxpayers 55 or older or disabled (or a surviving spouse or a survivor having an insurable interest in an
individual who would have qualified for the exclusion during the year) can exclude as much as $ 6,000 if single ($ 12,000 if married) of taxable income from a pension, annuity, distributions from an IRA or self -
employed retirement plan, deferred compensation or other retirement - plan benefits.
The adjustments — sometimes called above - the - line deductions because you can claim them whether or not you itemize deductions — include (among other things) deductible contributions to
Individual Retirement Accounts (IRAs), SIMPLE and Keogh plans, contributions to Health Savings Accounts (HSAs), job - related moving expenses, any penalty paid on early withdrawal of savings, the deduction for 50 percent of the self - employment tax paid by self -
employed taxpayers, alimony payments, up to $ 2,500 of interest on higher education loans and certain qualifying college costs.