United States Code Title 26, Subtitle A discusses and defines the "income tax" that U.S. citizens are supposedly required to pay. When I look at my paycheck stub or my W-2 forms, I do not see the word "income" anywhere; instead I see the word "earnings." How are these the same thing?
2006-06-12 13:06:51 · 5 answers · asked by webfly2000 4 in Politics & Government ➔ Law & Ethics
Good eye, and good catch!
Unfortunately, "income" is made up of many things: "interest" from money you have in the bank, "earnings" from jobs that pay you a paycheck, "royalties or profits" if you own a business yourself, "dividends" if you own stock, "winnings" from lottery or gambling, etc... So earnings is just one type of income.
2006-06-12 13:17:21 · answer #1 · answered by Anonymous · 1⤊ 0⤋
the forms clarify this wording by the use of the phrase income from any sources and the repeated use of all the terms for money or funds so its not a point of law
2006-06-12 20:10:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You rally think you can beat the govt cause your comany labels things differently? Just take your paperwork to a good accountant & happy you don't get ripped for more, then remember that feeling when you vote.
2006-06-12 20:51:28 · answer #3 · answered by djack 5 · 0⤊ 0⤋
It's not "outgo." Income tax code is not your friend.
2006-06-12 20:09:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They are the same.
2006-06-12 20:10:05 · answer #5 · answered by Mel J 1 · 0⤊ 0⤋