Standard Deduction Reduces the income subject to tax and varies depending on filing status, age, blindness, and dependency.
Software Developer Develops software for the purposes of (1) formatting electronic tax return information according to IRS specifications, and/or (2)…
Social Security Tax Provides benefits for retired workers and their dependents as well as for the disabled and their dependents.…
Single Filing Status If on the last day of the year, you are unmarried or legally separated from your spouse…
Self-Employment Tax Similar to Social Security and Medicare taxes. The self-employment tax rate is 15.3 percent of self-employment profit. The…
Self-Employment Profit Self-employment income minus self-employment expenses, when self-employment income is greater than self-employment expenses.
Self-Employment Loss Self-employment income minus self-employment expenses, when self-employment income is less than self-employment expenses.