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What you have suggested is tax evasion. You must pay yourself reasonable rates, otherwise, you will be treated as evading employment taxes. For a white collar
by rprasad 14y ago
What you have suggested is tax evasion. You must pay yourself reasonable rates, otherwise, you will be treated as evading employment taxes. For a white collar job, that means significantly more than minimum wage.
The penalties (higher back-interest rates and fines) for tax evasion are quite severe. Jailtime is also a possibility.
- sparkie 14y agoI've not suggested tax evasion - stop exaggerating. The only point I've mentioned is one of tax avoidance, which is in common practice. I've not advised you to do it either, just making a point that it is done - the system is unfair - people avoid tax (legally), whilst you are paying your honest share. And please, Americans - are you able to think outside of your own country and it's laws?