What type of employee receives income? (taxes, costs, fees, work)
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There's no such deduction, and I own my own business. I'm allowed to deduct many things, mileage, office supplies, cost of software and hardware. There's no deduction for the cost of my labor. I can deduct the cost of the labor of others but follow that through. If I pay someone $700 to generate $1,000 of income, I can deduct that $700. They, however, cannot. I don't pay income taxes on that because it's not income that I receive. I collect $1,000 in revenue and pay out $700 in expenses leaving me $300 in income. I pay taxes on the $300 of income. They person I paid to do the work pays income tax on the other $700.
Now, if I was setup as a corporation, then I could deduct the cost of my labor from the corporations viewpoint. Of course, I'd still have to pay personal income tax on that so it's just accounting. Whatever way you skin it, the income on my labor (and anyone I hire) will still be paid. What varies is the miscellaneous rates. The big reason to incorporate is corporate income, unlike personal income, doesn't have FICA/SE taxes. The downside is corporate income is double taxed if you want to get at it. The corporation pays income tax on its net income and then when it issues dividends the recipient then pays income taxes on those as well. Contrast that to labor income which is taxed only once, albeit at a higher rate for most people.
I'm talking about the personal exemption + standard/itemized personal deduction(s) and any credits the individual may be eligible for. The IRS has established this amount as a basic essential cost of living that labor may be exchanged for with no penalty. Anything above that amount the IRS considers "profit" and therefore subject to taxation.
Kind of a backwards way of thinking about it. Much easier to simple think of it as what it is which is a tax deduction. What on earth does an electric car, mortgage deduction, charitable donation deduction, energy efficiency deductions, health care deduction, retirement deductions, etc, etc have to do with your basic cost of living that labor may be exchanged for with no penalty? Really nothing. They're just tax deductions designed to encourage some behaviors (home ownership, electric car ownership, solar panels and double-pane windows, retirement savings, etc).
It amazes me how words are manipulated to increase someones profit.
What is labor income, numbers coming in? Did the numbers someone is paid with, magically become valuable on their own?
People need to stop referering to numbers someone is paid with, as "money", because it is lying to the employee. It makes it appear as if the company or the employer is paying something of value to the employee, but all they are doing is managing the employees pay account.
How many Companies and employers will owe " labor income tax" back to the employee for using fear as a weapon to convince the employee they owe an "income" tax on their labor?
Employees are being used to create value for numbers (falsely referred as money) so those numbers can be collected for profit.
It makes the employee a slave. Not only is it illegal, but aLso unlawful. They just haven't figured it out yet.
It amazes me how words are manipulated to increase someones profit.
What is labor income, numbers coming in? Did the numbers someone is paid with, magically become valuable on their own?
People need to stop referering to numbers someone is paid with, as "money", because it is lying to the employee. It makes it appear as if the company or the employer is paying something of value to the employee, but all they are doing is managing the employees pay account.
How many Companies and employers will owe " labor income tax" back to the employee for using fear as a weapon to convince the employee they owe an "income" tax on their labor?
Employees are being used to create value for numbers (falsely referred as money) so those numbers can be collected for profit.
It makes the employee a slave. Not only is it illegal, but aLso unlawful. They just haven't figured it out yet.
Time will tell.
Probably no companies ever.
I do lots of labor and pay absolutely no income taxes on it because I don't receive income for it. Just right now I put a load of laundry in the washer. Later I'll have to fold that up, definitely the worst part. I've got to do some house work, wash the car, work on one of my motorcycles. Lots of labor to do this weekend, and I won't pay a labor tax on any of it because labor taxes don't exist in this country.
Of course, I could "enslave" someone to do this labor for me by giving them some of my "numbers falsely referred to as money" in the form of income for their labor. Odd jobs are often "not only illegal, but also unlawful" and done under the table, but to be "legal, and also lawful" the person receiving income for doing work for me should be paying taxes on the income they are receiving.
What is labor income, numbers coming in? Did the numbers someone is paid with, magically become valuable on their own?
Yeah, obviously those numbers people get paid in have no value...that's why I can use those numbers to buy all this **** that has value!
Like my home, my car, a flat screen TV, my computer...all these things that have resources and labor involved in their creation and they were bought all using those magical numbers I got paid in!
I do lots of labor and pay absolutely no income taxes on it because I don't receive income for it. Just right now I put a load of laundry in the washer. Later I'll have to fold that up, definitely the worst part. I've got to do some house work, wash the car, work on one of my motorcycles. Lots of labor to do this weekend, and I won't pay a labor tax on any of it because labor taxes don't exist in this country.
Of course, I could "enslave" someone to do this labor for me by giving them some of my "numbers falsely referred to as money" in the form of income for their labor. Odd jobs are often "not only illegal, but also unlawful" and done under the table, but to be "legal, and also lawful" the person receiving income for doing work for me should be paying taxes on the income they are receiving.
Malloric, please be honest... the 700 you paid the employee, where did it come from?
What type of work are the employees doing, sales? Labor? If labor, then they are not your numbers to give.
Did those numbers come from the Federal Reserve agency...did those numbers come from a credit coupon or certificate?
Lets determine if your employee is receiving income from you, or if the employee is 'creating' value for the numbers received. Because if those numbers did not pre exist with value...then you did not give or lose anything of value...you just managed the employees pay account.
What is the value contained within the 700 numbers used to pay the employee *before* he worked, to determine what value that you lost.
Yeah, obviously those numbers people get paid in have no value...that's why I can use those numbers to buy all this **** that has value!
Like my home, my car, a flat screen TV, my computer...all these things that have resources and labor involved in their creation and they were bought all using those magical numbers I got paid in!
Value was added to the numbers from working. They would not exist if you did not work first.
Do you believe the numbers create value on their own?
Do you feel the numbers exist because of the employee's labor...or does the employee's labor exist because of the numbers?
To see it different..view the paper numbers (currency) as "receipts" you receive to show proof of your labor.
You work, then you are given receipts to verify you have worked.
The receipts are not the value, they only represent the value--> of your labor.
Likewise, the currency is not the value, it only represents the value--> of your labor. The currency is the *medium* of exchange, it is not the exchange.
Think of a receipt being printed out to represent the value of a tv. Would the receipt exist without the tv? Would the receipt contain more value than the tv? What is the receipt? Paper.
Would the currency exist without your labor? Would the currency contain more value than your skills or labor? What is the currency? Paper.
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