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Personal Finances / Living Below Your Means

URL:  https://boards.fool.com/how-do-you-make-money-and-still-pay-nothing-in-15159501.aspx

Subject:  Re: Not everyone gets a tax rebate Date:  6/12/2001  7:55 PM
Author:  InkJetLabel Number:  153287 of 910563

How do you make money and still pay nothing in payroll taxes? I want in on this!

******

Investment income is one obvious one. Most educational stipends are also not subject to FICA (I am currently on one of these).

--Mike


Also:

Own rental property.

Write novels, etc. and collect royalties.

Become a self-employed subsistence farmer.

Day Trade. (Ideal, but too complicated to go into right now. Of course, you also need to MAKE money)

Win the lottery.

Marry rich.

Inherit money.

Move to Montana and live in a 10' x 10' shack.

Enter lots of contests for jingles, and recipes.

However, do NOT become an exotic dancer. The IRS recently lost a case trying classify them as employees instead of as independent contractors. If you want to shake your thang for money you'll have to do it on a 1099-MISC, not a W-2...and pay SE tax at 15.3%, less a small credit.

IJL

PS: When do I get my 114 recs?




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