Tag: retirement

What is the 2007 standard tax deduction for under $50,000 single male no kids?

May 2nd, 2010

I’m trying to figure out if I should take the standard deduction or do line-item. I am a 1099 independent contractor and have mileage, medical, home office supplies (but no home office) and charitable donations I can deduct. I did not contribute to any retirement plans. I am trying to determine if my line-item deductions amount to more than the standard deduction. Thank you.

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When your payroll check is done, are the taxes calculated on total earnings – even with pre-tax deductions?

February 18th, 2010

I have pre-tax medical and retirement taken out but when I calculate out how much of my total gross I take home, the percentages indicate the taxes are being calculated on total earnings, not the total after pre-tax deductions. I thought that was the benefit of pre-tax deductions – you didn’t get taxed on it. If anyone knows of the legal writings for payroll practices, I would like to know, thanks.

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