The current self employment tax rate is 15.3% of your net earnings. If your income is high you’ll also have to pay an additional 0.9% Medicare tax.

A tax deduction is basically a reduction in your taxable income. If you qualify for $10,000 in tax deductions, the IRS won’t tax you on the full $60,000 just on $50,000.

The main due date for filing your federal income tax return in 2025 is Tuesday, April 15, 2025. That’s the big deadline for most individual taxpayers in the U.S.

Tax Credits reduce the amount of tax owed, providing a dollar-for-dollar reduction. The total amount of income that is due to taxes is decreased by a tax deduction

What do taxes pay for? Taxes fund government programs. Public schools, healthcare programs, and national security are all supported by tax revenue.

Pre-tax deductions are funds employers remove from an employee's gross pay before withholding taxes. These deductions will lower an employee's taxable income.

corporate tax rate in the U.S. is 21% at the federal level. This means all corporations, big or small, pay a flat 21% tax on their profits. current rate makes the U.S. more competitive globally.

Quarterly taxes, also known as estimated taxes, You can send estimated tax payments with Form 1040-ES by mail or via the Internet. If you expect to owe $1,000 or more in taxes, quarterly estimated tax payments is required.

Health insurance costs are not just about the monthly amount you pay to keep your plan active. Individual plans can range from $300 to $600 per month, while family plans can go well beyond $1,500 per month.

Preparing taxes might be different for people living in different states because tax laws and rates are different by state. Preparing taxes can be different depending on where you live.