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

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

    Here are a few of the most common self-employment tax deductions: 1. Self-Employment Tax Deduction. If you’re self-employed, you will end up paying more Social Security and Medicare tax than an ...

  3. Self-employment - Wikipedia

    en.wikipedia.org/wiki/Self-employment

    In fact, there is an additional Medicare tax rate of 0.9% when a self-employed individual earns above $200,000 (single). Generally, only 92.35% of the self-employment income is taxable at the above rates. Additionally, half of the self-employment tax, i.e., the employer-equivalent portion, is allowed as a deduction against income.

  4. How Much Is Self-Employment Tax? - AOL

    www.aol.com/much-self-employment-tax-120001832.html

    The self-employment tax is comprised of two taxes: the Social Security tax and the Medicare tax (also known as the FICA tax). As of the tax year 2023, the FICA tax rate is 15.3% — that’s 12.4% ...

  5. How To File Self-Employment Taxes: A Step-By-Step Guide - AOL

    www.aol.com/file-self-employment-taxes-step...

    Part of your self-employment tax: Reduces your adjusted gross income and is typically 50% to 57% of your self-employment tax. Self-employed health insurance deduction: Might allow you to deduct ...

  6. Gainful employment - Wikipedia

    en.wikipedia.org/wiki/Gainful_employment

    Broadly, gainful employment refers to an employment situation where the employee receives steady work, payment from the employer and that allows for self-sufficiency. In psychology, gainful employment is a positive psychology concept that explores the benefits of work and employment.

  7. Income tax - Wikipedia

    en.wikipedia.org/wiki/Income_tax

    An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income.

  8. 5 Common Reasons You Might Owe Taxes This Year - AOL

    www.aol.com/finance/common-reasons-why-owe-taxes...

    Learn More: The 7 Worst Things You Can Do If You Owe the IRS. Self-Employment, Side Hustles and Passive Income. If you worked a side gig, part time or were self-employed in 2023, your taxes could ...

  9. Solo 401 (k) - Wikipedia

    en.wikipedia.org/wiki/Solo_401(k)

    A common example of part-time self-employed income is an individual who works for an employer, but also does a little consulting on the side. The consulting income would be considered self-employed income, thereby rendering the individual's business eligible for adopting a Solo 401(k). [3]