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2. 15 Self-Employment Tax Deductions You Should Know - AOL

   www.aol.com/15-self-employment-tax-deductions...

   Here’s how to find the top tax deductions when you’re self-employed. ... For example; If you buy a tractor for a farming business you’re running, you can deduct up to $1,220,000 in 2024, but ...

3. FICA Tax Rate for 2023-2024: Everything You Need To Know - AOL

   www.aol.com/finance/fica-tax-rate-2023-2024...

   It changes from year to year; the max Social Security taxable income for tax-year 2023 is $162,300, and for 2024 it’s $168,600. These caps reflect the fact that your ultimate Social Security ...

4. Social Security Wage Base - Wikipedia

   en.wikipedia.org/wiki/Social_Security_Wage_Base

   Note that although self-employed individuals pay 12.4%, this is mitigated two ways. First, half of the amount of the tax is reduced from salary before figuring the tax (you don't pay Social Security tax on the tax your employer pays for you.) Second, the "employer" half is an adjustment to income on the front page of Form 1040.

5. What Are the Most Generous Tax Deductions for the Self-Employed?

   www.aol.com/finance/most-generous-tax-deductions...

   As part of the Tax Cuts and Jobs Act of 2017, small businesses, including self-employed individuals, were allowed to write off 20% of their incomes. While this provision is currently slated to ...

6. Federal Insurance Contributions Act - Wikipedia

   en.wikipedia.org/wiki/Federal_Insurance...

   The employer is also liable for 6.2% Social Security and 1.45% Medicare taxes, [10] making the total Social Security tax 12.4% of wages and the total Medicare tax 2.9%. (Self-employed people are responsible for the entire FICA percentage of 15.3% (= 12.4% + 2.9%), since they are in a sense both the employer and the employed; see the section on ...

7. Rate schedule (federal income tax) - Wikipedia

   en.wikipedia.org/wiki/Rate_schedule_(federal...

   The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").