$30,000 for married couples filing jointly2 These standard deduction amounts are subtracted from the total of your earned income and you're only taxed on the remaining balance. The amount you can deduct depends on your filing status. You also have the option of itemizing your deductions instea...
600 of net income and 2.9% in Medicare taxes on all net income.6Single filers must pay an additional 0.9% Medicare tax on self-employment income that exceeds $125,000 if they are married and filing separately, $200,000 if they are married and filing jointly, and $200...
Gifts of money or property are subject to a gift tax if the donor exceeds the annual or lifetime gift exemption. Gift splitting is an easy way for married couples to maximize their annual gift tax exclusion amount. TheIRSallows married couples whofile jointlyto double the amount of their gift...