Please ignore the blithering idiot above me. I've seen some meaningless rants, but that one takes the cake.
Then go to http://www.paycheckcity.com for some handy estimators.
2007-06-05 21:25:03
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answer #1
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answered by Bostonian In MO 7
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I LIVE IN KENTUCKY AND I WANT TO KNOW HOW MUCH WILL TAXES TAKE OFF OF MY CHECK?
Remember that this is your sweat equity and your biggest task is to preserve it from harmful tax policies.
So, how much would you like to bring home? Would you like to have a zero income-tax position? Would you like to keep better than 90% of your sweat equity intact?
Under optimum conditions it is possible to maximize your tax reduction so that there are no legal obligations for income tax.
It basically works like this;
1. An income is defined as a benefit enjoyed or received.
2. Taxpayers come into two main categories - Employers & Employees.
3. Taxpayers are further determined by either a Residential Status or National Status.
4. This status is then finalized into either National Income or World-Wide Income reporting standards.
Three Levels of Income
1. reportable and taxable
2. reportable and non-taxable
3. non-reportable and non-taxable
In order to achieve a maximum reduction to achieve either a #2 or #3 status of income one must look locally and internationally for a bona fide arms length company operating as a personal business service provider/employment service provider.
There are provisions within the IRS code that you may be unaware of or simply did not understand. That is the area known as employment loans.
The IRS codes have a position known as 'leased employee', wherein your services are supplied to your current employer via a personal business service, thus eliminating any tax liability to the employer.
The situation here is that the leased employee utilizes an employment loan. This literally means that there is no taxable liability therefore no taxes owing.
It is generally conceded that an income is a benefit enjoyed or received. An employment loan is a debt, and debt is not taxable.
Over the last 20 years this practice of turning a salary into a loan by the use of personal service business is accepted as a legal method to avoid all income tax.
Consequently, by choosing the right Employment Service Provider, there is no incentive for either the personal services business to pay the salary owing to the leased employee or for the leased employee to repay the loan. Both the salary and loan can be left outstanding forever.
Remember the Taxing Authorities rely on the fact that you have not yet discovered that where there is debt there are no taxation powers, at least at the income level.
On that note, there is another thing to take serious note of and do some due diligence efforts regarding a personal educational upgrading yourself on the issue of Financial Literacy in the 21st century.
American Financial Institutions have been crying out for decades that the majority of people are finacially illiterate!!
In 1996 that number was 85% and has grown to 95% - a drastic impedient to learning how to navigate the world of commerce. Link Below
It is essential in maintaining a zero income-tax position to comprehend that money is actually evidence of debt. Debt is not taxable, no matter what form it takes.
hope this helps you out
In the links list below please find the following;
1. report - complex money & finanical illiteracy
2. report - money as debt
3. Canadian Tax - Employment Loans - Incorporated Employee
4. IRS Circular - Leased Employee (page four)
5. Canadian Employment Service Provider specializing in employment loans worldwide
2007-06-06 03:50:50
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answer #2
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answered by Anonymous
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