Besides some basic information I've gathered from a political science perspective in High School, this was really the first time I've ever read an (somewhat) in depth account of Marx's basic works. Here are a few things I read that I felt have been very common misconceptions of Marx, especially in the United States today.
Uninhibited Redistribution of Property- the motto, "From each according to his ability, to each according to his need," only holds true for the ideal communist state. Before this state is attained, a more classical version is used. "Distribution according to need should only take place in the ideal communist society, where everyone is equally deserving, since all contribute according to their maximal ability. Until that time, in the socialist society, the motto must be "From each according to his ability, to each according to his contribution."
The Acquisition of Property- Another common misconception of Marx's economic theory is that no owns property, because everyone uses it. Private ownership of property doesn't exist. Pojman disagrees.
"Communists have been accused of advocating the elimination of all property, including that of the proletariat; but Marx makes an exception for the 'Hard-won, self-acquired, self-earned property...of the petty artisan and of the small peasant, a form of property that preceded the bourgeois form.' That sort of possession is part of the labor theory of value. They deserve that property. He means only modern bourgeois private property."
What are some other misconceptions that may exist in the average American's conception of Marx?
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