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  2. A flexible spending account (FSA) is an account that allows you to save pre-tax dollars and use them toward your medical and dependent care expenses. Many employers offer FSAs as a benefit. You ...

  3. Employee Retirement Income Security Act of 1974 - Wikipedia

    en.wikipedia.org/wiki/Employee_Retirement_Income...

    The Employee Retirement Income Security Act of 1974 ( ERISA) ( Pub. L. 93–406, 88 Stat. 829, enacted September 2, 1974, codified in part at 29 U.S.C. ch. 18) is a U.S. federal tax and labor law that establishes minimum standards for pension plans in private industry. It contains rules on the federal income tax effects of transactions ...

  4. Statutory employee - Wikipedia

    en.wikipedia.org/wiki/Statutory_employee

    A statutory employee is an independent contractor under American common law who is treated as an employee, by statute, for purposes of tax withholdings. [1] For a standard independent contractor, an employer cannot withhold taxes. Statutory employees are also permitted to deduct work-related expenses on IRS Schedule C instead of Schedule A in ...

  5. Payroll tax - Wikipedia

    en.wikipedia.org/wiki/Payroll_tax

    The tax is paid by employers based on the total remuneration (salary and benefits) paid to all employees, at a standard rate of 14% (though, under certain circumstances, can be as low as 4.75%). Employers are allowed to deduct a small percentage of an employee's pay (around 4%). [7] Another tax, social insurance, is withheld by the employer.

  6. HSA vs. FSA: What's the Difference - Healthline

    www.healthline.com/health/hsa-vs-fsa

    An HSA can provide savings: Just like an FSA, you won’t be charged income tax on the funds in your HSA. You can have HSA contributions taken out of a paycheck pre-tax, or you can choose to ...

  7. Self-Employment Tax Deductions - AOL

    www.aol.com/news/self-employment-tax-deductions...

    While these deductions can save you money, don't expect them to wipe out your tax bill completely, says Kristen Anderson, founder and CEO of Catch, an app designed to make it easier for self ...

  8. Top Tax Deductions and Tax Credits You Should Know for 2023 - AOL

    www.aol.com/finance/10-tax-deductions-know-2023...

    Married couples filing together can deduct $25,900, and heads of household can deduct $19,400. Individuals who are 65 or older and those who are blind can claim an additional $1,750 for tax-year ...

  9. Tax incentive - Wikipedia

    en.wikipedia.org/wiki/Tax_incentive

    A tax incentive is an aspect of a government's taxation policy designed to incentivize or encourage a particular economic activity by reducing tax payments. Tax incentives can have both positive and negative impacts on an economy. Among the positive benefits, if implemented and designed properly, tax incentives can attract investment to a country.