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 […]

What exactly is self-employment tax?

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 […]

I want to itemize my deductions. Can I?