The sweeping and controversial One Big Beautiful Bill Act (OBBBA) fulfills many of Donald J. Trump's 2024 campaign promises: ...

Self-employed individuals must pay their own payroll taxes and make quarterly estimated tax payments to the IRS. Independent contractors can use tax software to help estimate their taxes or rely ...

With Social Security trust funds estimated to run out in less than a decade, some Americans wonder if Congress will step in ...

With a payroll deduction plan, employers withhold money from an employee's paycheck, most commonly for employee benefits and taxes. It can be voluntary or involuntary.

Learn how to build a reliable retirement paycheck by assessing your needs, identifying income sources, developing a ...

The withholding allowance reduces how much income is deducted from an employee’s paycheck for taxes. It was eliminated in 2017 and no longer appears on Form W-4.

The payroll tax for Medicare is 1.45% on the first $200,000 of an employee's wages. If you make more than $200,000 a year, you will also pay a 0.9% additional Medicare tax on top of the 1.45%. In ...

For the 2024 tax year, independent contractors pay 12.4% in Social Security contributions on the first $168,600 of net income and 2.9% in Medicare taxes on all net income.

The trust funds that the Social Security Administration relies on to pay millions of U.S. retiree benefits could be depleted ...