Good afternoon, I really enjoyed this clip. But you do you give a crisp $100 bill to an employee then take the tax off of it to become $75? Is there a way around this, or are you taxing them on their next pay cheque
Ah yes! One needs to be 100% legal here. There are two legal ways around this: 1. Go to the bank and personally take out $100 bills of your after-tax money. This is where YOU will pay the taxes, usually at higher rate that will make the IRS / CRA happy, and you "gift" the clean crisp $100 bill to the staff or... 2. You give them the $100 bill as a bonus and take the taxes off their next pay check. Hope this helps! Dr. Joel Parker
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Good afternoon,
I really enjoyed this clip. But you do you give a crisp $100 bill to an employee then take the tax off of it to become $75? Is there a way around this, or are you taxing them on their next pay cheque
Ah yes! One needs to be 100% legal here. There are two legal ways around this:
1. Go to the bank and personally take out $100 bills of your after-tax money. This is where YOU will pay the taxes, usually at higher rate that will make the IRS / CRA happy, and you "gift" the clean crisp $100 bill to the staff or...
2. You give them the $100 bill as a bonus and take the taxes off their next pay check.
Hope this helps!
Dr. Joel Parker
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Why do you say that?