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Pastimes : Where the GIT's are going
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To: PatiBob who wrote (148478)7/18/2007 10:51:20 AM
From: Alan Smithee  Read Replies (1) of 225578
 
One problem is, they pay him in cash. We're making him deposit 45% if his pay check into his savings account to pay taxes at the end of the year.

PatiBob, no need for that.

1) If he earns less than $5,000, he owes no tax;

2)Even if he earned enough, his tax bite would not be 45%;

3) The "Kiddie Tax" does not apply, because it only taxes "unearned income."

Cut the money loose.

savewealth.com
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