what is the amount dedution for my medicare
No.
If you file a Schedule A and Form 1040 return you can deduct your Mortgage Interest, Property Taxes, and Mortgage PMI on your 1098 form from the bank or mortgage company.
If on medicare you can't, b/c social security will deduct b/c you get your payment. If you have a supplement or mapd policy call insurance carrier
That is correct, exept that the employer pays a portion of your FICA, whereas when you are Self-employed you are hit with the full amount. Of course you have the advantages of being able to deduct all of your business expenses. More information below from IRS.gov " Self-employment tax (SE tax) is a social security and Medicare tax primarily for individuals who work for themselves. It is similar to the social security and Medicare taxes withheld from the pay of most wage earners. You figure SE tax yourself using Schedule SE (Form 1040). Social security and Medicare taxes of most wage earners are figured by their employers. Also you can deduct half of your SE tax in figuring your adjusted gross income. Wage earners cannot deduct social security and Medicare taxes." Hope this helps. Roger Hadad, Effectur Inc, www.irs101.blogspot.com
Yes is the short answer but there are some guide lines to be followed.How Much of the Expenses Can You Deduct?You can deduct on Schedule A (Form 1040) only the amount of your medical and dental expenses that is more than 7.5% of your AGI(Form 1040, line 38).In this publication, the term "7.5% limit" is used to refer to 7.5% of your AGI. The phrase "subject to the 7.5% limit" is also used. This phrase means that you must subtract 7.5% (.075) of your AGI from your medical expenses to figure your medical expense deduction.
If you did not have any worldwide gross income to be reported on your 1040 federal income tax return you would not have any adjusted gross income on line 38 to deduct the schedule A itemized deductions of the 1040 tax form from on your 1040 tax form.
Using the schedule C or C-EZ of the 1040 tax form along with the SE. If you are a self-employed (includes freelance and independent contractors) taxpayer, you will need to report that income, and any related expenses, on Form 1040, Schedule C, Profit or Loss from Business, or you may qualify to use Form 1040, Schedule C-EZ, Net Profit from Business. You will also need to use Form 1040, Schedule SE, Self-Employment Tax to compute and report your social security and Medicare tax. You may also need to make quarterly estimated tax payments. You would use Form 1040ES, Estimated Tax for Individuals, for this.
You deduct 7.65 of what are FICA wages...a somewhat different than just what you pay...and you pay over 15.30%, since the employer pays half of the amount due. Get help, now....this is nothing to mess around with
Yes you can if you itemize your deductions. Union dues are deductible as a Job Expense which is located on Schedule A of the Form 1040 of your Federal Income Tax Return.
You do NOT get any deductions on your 1040 income tax return for the payments that you make on your past due federal income taxes, penalties, or interest.
When you are able to itemize your deductions using the schedule A of the 1040 tax form and you deduct the mortgage interest to help reduce your income taxes you have a type of imputed income that you have received.