Enter gross earnings. MaxiFi will calculate the federal, state, and FICA taxes. MaxiFi will also know to deduct your qualified retirement account contributions that you indicate in your retirement account setup. If you indicate that your wages are from self-employment, MaxiFi adjusts the FICA tax accordingly.
If you are self-employed, indicate "self-employment" and enter your gross earnings from your trade or business, minus all of your allowable business deductions and depreciation. Reference.
Gross earnings are shown as YTD earnings on the final pay stub of the year.
If you make contributions to an HSA or flexible spending account, health, dental, or vision insurance, or if you make any payments that are pre-tax, that is, not subject to income or payroll tax by way of a salary reduction arrangement, reduce your gross income (your current/future earnings) that you enter in MaxiFi by the amount of such pre-tax contributions. For more information, see How do I enter a Health Savings Account (HSA)?
If you have after-tax payments for parking, union dues, etc. taken out of your paycheck as a convenience, do not lower your gross salary by these amounts. Instead, represent such payments as Special Expenses or, perhaps better, do nothing and consider them as ordinary expenses and thus paid from your discretionary spending.
If you are self-employed, you will need to report your net earnings to Social Security and the Internal Revenue Service (IRS). Net earnings for Social Security are your gross earnings from your trade or business, minus all of your allowable business deductions and depreciation.