With the new salary cap, the maximum amount a self-employed worker could pay in Social Security taxes in 2025 is $21,836.40. It's important to note that this figure does not include the 2.9% ...

At the end of each year, individuals who have an employment contract with a company get a Form W-2 that summarizes their income and tax withholding. For individuals with self-employment and other ...

Knowing your taxable income helps you make smarter choices about deductions, retirement contributions and how much tax to withhold. It can also prevent surprises at tax time. If your finances are more ...

If your child earns $400 or more from self-employment, they must file a tax return and may even have to pay self-employment tax, which includes the taxes for Social Security and Medicare.