When you receive a paycheck from an employer, you pay 6.2% of your earnings towards Social Security (up to a maximum of $127,200 of your earnings in 2017) and 1.45% of your earnings towards Medicare. Together, these two components are what is referred to as “FICA”, or the “Federal Insurance […]
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When you purchased your health insurance through the marketplace, and your household income is between 100% and 400% of the federal poverty level, you receive a subsidy from the government to offset the cost of your monthly premium (it is based on where you fall within that range). The company […]
I have “Obamacare” health insurance. How does this affect ...
One common problem that causes people to consistently owe the IRS at the end of every tax year is claiming too many allowances. Your take-home pay increases, but it does so because less money is being withheld to cover your tax bill. It may be worth checking with your HR […]
Why do I always owe at the end of the ...
Most people spend money on things like charitable contributions, medical expenses, work uniforms, etc. Often, they think they are able to itemize these expenses if they have kept their receipts. That would be correct, for some. However, the IRS allows for what is known as a standard deduction. These amounts […]