Debt Free Life Hacks: Managing Money Like a Boss

Try not to get too excited, but this week we're talking about taxes! 😆What do you know about FICA? Have you ever noticed the deduction on your pay stubs and wonder what it was all about? FICA stands for Federal Insurance Contributions Act (FICA); put simply, FICA is a federal payroll tax. FICA is the money that comes out of your gross wages to pay social security taxes  ( old-age, survivors, and disability insurance ) and Medicare taxes ( hospital insurance tax ).  How much comes out of your check? The total amount that you pay is 7.65% of your gross wages. 6.2 percent goes to social security tax , and the remaining 1.45 goes to Medicare tax . Unless you're self-employed, your employer helps out by matching your contributions bringing the total to 15.3%. Self-employed individuals are responsible for the total amounts. Keep in mind that everyone's situation is different, these amounts apply to many, but there are exceptions. Individuals over a certain income threshold may ...

 In one of the previous posts, I talked about some DIY automobile maintenance. This video is an example of one simple car maintenance item that can save you a little money on labor.  In this video, I change my engine air filter for the first time. I purchased my engine air filter from the dealership, but you could save even more if purchased elsewhere. Enjoy! Managing your Money Like a Boss sometimes means getting your hands a little dirty (in a good way ) to save more and spend less!