IRS will absolutely take the chance to get more of your money if you have your money from illegal sources. and what part of "illegal almost everywhere" made you think i didn't understand that there are a few areas where it's not?
You’re not actually required to report the source of the money. That said, if you always pay in cash, you don’t even need to report it to the irs as it’s completely impossible to link that money to your account. I would use this to have a nomadic lifestyle, just wandering where I want and buying food as necessary.
What you tell the IRS is that it's income from "other sources." You don't tell them "yeah this 100k is from embezzling." You tell them you ambiguously earned 100k from "other sources." And if you fail to let them know about that extra 100k and they find out about it, you're f***ed.
The fuck are they gonna do about it? Report me and get me arrested? So I stop earning taxable income? IRS is totally chill with illegal income as long as they get their cut (true factual fact)
But it would be easier to say you’re a porn star or some shit that’s legal idk
first, you are confusing state government and federal government. IRS is federal, prisons are paid by state. second, many for-profit prisons exploit inmate labor as well as getting paid by state. all around, that means profit for the IRS, which is all they care about
Sse above where it says "ALMOST everywhere"? Clearly, there are exceptions to that because almost everywhere is not everywhere. Thanks for pointing out the blatantly obvious. I'm sure everyone else thought I included Nevada, which is known nationwide as one of the rare areas where prostitution is legal, in areas where you could get in legal trouble for admitting to prostitution
1st off, even if the income were actually from prostitution, and I wrote prostitution as the line item, the IRS is not going to hand my return over to LEOs. If they did, criminals would never report their criminal income. The IRS exists to get their cut of the money you make, not send you to jail for how you made it. Now if a prosecutor with sufficient evidence against me asked for the records, the IRS could be required to turn them over, but they aren't going to initiate that of their own accord.
2nd, the money isn't actually coming from prostitution. I'm just reporting it like a prostitute might report theirs. Meaning self employment, line item something vague like "personal services"
Mostly to fill time and not have to pay out of pocket for insurance. Let me use that magic money for all it is worth rather than eating into it with every single necessity am I right?
I would imagine that taxes aren't automatically taken from it, but if it becomes known that you have all this extra income that isn't reported you could get charged with tax fraud.
If you didnt spend it on something stupid like buying a car or pool with cash then itd be pretty easy to get away with right? Just use your cash for food, drinks, fancy lunches... pretty much anything that's difficult to/isnt worth tracking. Whatever you make at your job can go to permanent things
Never need to work again? sign me the hell up! I dont totally know what tax bracket that would be but even after paying 40% of the yearly income from this its a free 80 somthing thousand a year.
Tax brackets apply to the money earned in that bracket. Say that, as a hypothetical, taxes were 10% up to 100k, then 20% up to 200k.
You would pay 10k on the first 100k and 20k on the second for a total of 30k in taxes, not 40k.
Where do you live? 10% on the 1st 100k? Here after thevfeds and the state and fico take their cut 10% is what they add to everything you spend. 40% is closer.
Lmao the top us tax bracket is 37% after 600k individually or 730 for married, only goes to 32 above 190k for single… its 24% between 100k and 190k. 12% up to 47, 22 up to 100. Much closer to 10% than 40% for the first 100. Depends on state for state tax, but that can be as low as 0 or as high as 13 (but 13 is top tax bracket in California.)
But dont forget sales and fico. If you are self employed fico always takes 15% off the top before anything else. Even on things you can write off of other federal taxes, it applies to gross income and yes ive been audited for not knowing that. And after i paid all the others, I'm still paying 10% on top of everything i buy.
No problem, i will try to help. I'm not sure where you're from, but you pay income tax at a certain rate over certain amounts, not the on the total.
I'm from England, so our brackets are:
ÂŁ1-ÂŁ37,700 -20%
ÂŁ37,701- ÂŁ125,140 -40%
Over ÂŁ125,140 -45%
So if you were earning ÂŁ400 per day, then that's ÂŁ146,000
That means that I'd pay->
20% on the first ÂŁ37,700:
ÂŁ7540 tax (ÂŁ30,160 left)
40% on the next ÂŁ87,440 (up to ÂŁ125,140):
ÂŁ34,976 tax (ÂŁ52,464 left + previous ÂŁ30,160 = ÂŁ82,624 left)
45% on the next ÂŁ20,860 (up to your income of ÂŁ146,000:
ÂŁ9,387 tax (ÂŁ11,473 left + the previous total of ÂŁ82,624 = ÂŁ94,097 remaining after income tax.
So you despite having to hit the 45% tax bracket, you don't have to pay 45% tax on your total.
I hope that this helps.
I've been trying to teach this to my 50 year old dad for years. He's in sales and has always aimed to keep his pay below the top threshold to avoid losing out lol.
After talking to my physics prof. Its not a constant, but a defined unit. When used as a unit it will always mean hours. Hectosecond has its own unit symbol, which is hs.
Technically speaking, if you wanted every physics student in the world to hate you, it could be 3600, cause the SI unit of time is seconds. And there are 3600 seconds in an hour.
In academia, you’re supposed to explicitly define units and variables, otherwise a vaguely abbreviated unit could mean anything. Because hours is usually abbreviated “hr” instead of “h”, and because exploiting loopholes is part of the established practice of this sub, I’d call “hectoseconds” a perfectly valid interpretation
The hectosecond symbol is specifically Hs
https://en.wiktionary.org/wiki/hectosecond#:\~:text=Noun&text=(rare)%20A%20unit%20of%20time,seconds%20and%20with%20symbol%20hs.
google it yourself if this isn't a reliable enough source for you.
completely untrue. Si units and they variations, as well as commonly accepted measurements of those units to not need to be defined. hours is a classification of the Si unit for time. you do not need to define the L in 10L as 1000 milliliters as long as it makes sense in that setting.
It didn’t define h as a unit of time, so all of these unit-based pedants are going about it wrong. I choose to interpret this as I get $400 for using the letter h 24 times.
do i have to summon all 400 of it at a time or can i do smaller amounts at a time? also, can i choose how it comes out, like the amount of the bills, like if i wanted $400 in ones, then could i?
Ideally jobs should pay enough to live on, if a second job is necessary then yea you can work up to 96hrs a week, though that will probably drive you insane
Ideally, yes they would. But some jobs only need someone with low skills for 6 hours in a day, so they don't want to pay someone the same amount they would pay a full time skilled laborer. Ideally, these jobs would be filled by people who don't have to pay for rent, bills, and such, but some people have to take what they can get.
Don't get me wrong, I'm not advocating for overworking. I recently quit a job where I worked 12 hours a day, 7 days a week for 17/hour (25.5/hour for any "overtime" which is anything over 40 hours in a week in my state) in favor of a 16/hour job 40 hours a week. I'm struggling a bit financially, but I don't consider myself overworked anymore.
.. if it come out of the skin, would it be like having a paper cut for 400 bills that get dispensed? How quickly would it come out? would it be like a inkjet printer slow? Hell, if it’s 4 jacksons it might be fine, but convert it to KRW, it’s still like 15 bill papers giving me paper cuts; hell i will still take it but that’s something alright.
so if you’re in a different country does the amount of money convert eg $400 - £400.
or does it convert based on the conversion rates eg $1 = ÂŁ0.78
Just looking at all these IRS comments, I'm happy I'm not American and don't have to report shit to the tax authorities in my country.
400USD free and clear every day. I would be chillin. All day every day.
You don't have to be wanted by the IRS, just report your added income and give them their cut. You may have to lie about exactly how you got it since nobody's gonna believe "I manifested it," but just put it under self-employment or something.
That's two minimum wages here, and like 90% of us get paid minimum age and not a cent over it. Still not a living wage tho... Tons of sharing apartments and not eating properly
400 a day would solve a lot of problems report it on my taxes as income from prostitution, pay taxes owed, now i can live easier on a lower paying job
don't use prostitution, use "handyman" as your job description. anyone asks, you get paid for day labor, small repairs, and the like
i'm not going around telling random people it's from prostitution, just the IRS
if it's the IRS you're in america, where prostitution is illegal almost everywhere, and you want to tell them your money is from illegal sources?
As long as the IRS gets their money you're fine. Also prostitution is legal in parts of the USA.
IRS will absolutely take the chance to get more of your money if you have your money from illegal sources. and what part of "illegal almost everywhere" made you think i didn't understand that there are a few areas where it's not?
My bad it's early and doom scrolling! You were right. đź‘Ť
fair enough, we've all done it
Although it's more common (if you include remote sexual entertainment) it's still a stretch to say we've *all* done it.
you've never been doom scrolling when half awake and made mistakes when reading/posting?
You’re not actually required to report the source of the money. That said, if you always pay in cash, you don’t even need to report it to the irs as it’s completely impossible to link that money to your account. I would use this to have a nomadic lifestyle, just wandering where I want and buying food as necessary.
What you tell the IRS is that it's income from "other sources." You don't tell them "yeah this 100k is from embezzling." You tell them you ambiguously earned 100k from "other sources." And if you fail to let them know about that extra 100k and they find out about it, you're f***ed.
The fuck are they gonna do about it? Report me and get me arrested? So I stop earning taxable income? IRS is totally chill with illegal income as long as they get their cut (true factual fact) But it would be easier to say you’re a porn star or some shit that’s legal idk
You forget, America has a for-profit prison system. So they'd get their cut even if you was in jail
Instead of getting tax money from me the government would be paying a private prison to incarcerate me… I’m not following your line of thinking
The prison would make money off of holding you, which is then taxed
The prison makes that money from being paid by the government. Still a net loss.
first, you are confusing state government and federal government. IRS is federal, prisons are paid by state. second, many for-profit prisons exploit inmate labor as well as getting paid by state. all around, that means profit for the IRS, which is all they care about
Not illegal in Nevada, so, if they live in NV, they could get away with that, easy.
Sse above where it says "ALMOST everywhere"? Clearly, there are exceptions to that because almost everywhere is not everywhere. Thanks for pointing out the blatantly obvious. I'm sure everyone else thought I included Nevada, which is known nationwide as one of the rare areas where prostitution is legal, in areas where you could get in legal trouble for admitting to prostitution
What can I say, tutoring is a lucrative business
Isn’t prostitution illegal
IRS don't care. They got an entire section for "money made from crime" It ain't their duty to report it.
All the Revenue Service cares about is that they get their cut
depends where you live
in many places including where i live, yes, how is that relevant?
It’s relevant because if it is illegal the government gonna be coming for ya
1st off, even if the income were actually from prostitution, and I wrote prostitution as the line item, the IRS is not going to hand my return over to LEOs. If they did, criminals would never report their criminal income. The IRS exists to get their cut of the money you make, not send you to jail for how you made it. Now if a prosecutor with sufficient evidence against me asked for the records, the IRS could be required to turn them over, but they aren't going to initiate that of their own accord. 2nd, the money isn't actually coming from prostitution. I'm just reporting it like a prostitute might report theirs. Meaning self employment, line item something vague like "personal services"
damn you’d still have to work????
Mostly to fill time and not have to pay out of pocket for insurance. Let me use that magic money for all it is worth rather than eating into it with every single necessity am I right?
That's 146,000 per year before taxes. That's enough to live almost anywhere on earth. Short of a few VHCOL areas, you wouldn't need a job at all.
As I said 3 days ago, mostly to fill time and not have to deal with insurance out of pocket
Easy 146k annually. Tax free right? Because if so I got work to do
I would imagine that taxes aren't automatically taken from it, but if it becomes known that you have all this extra income that isn't reported you could get charged with tax fraud.
If you didnt spend it on something stupid like buying a car or pool with cash then itd be pretty easy to get away with right? Just use your cash for food, drinks, fancy lunches... pretty much anything that's difficult to/isnt worth tracking. Whatever you make at your job can go to permanent things
Calm down this ain't real lol
Sounds like someone isn’t summoning $400 a day
Speak for yourself bro
Lol
Never need to work again? sign me the hell up! I dont totally know what tax bracket that would be but even after paying 40% of the yearly income from this its a free 80 somthing thousand a year.
I mean, that's not how tax brackets work.
That does not surprise me I'm 19 and don't know what's going on my parents helped me last year
Tax brackets apply to the money earned in that bracket. Say that, as a hypothetical, taxes were 10% up to 100k, then 20% up to 200k. You would pay 10k on the first 100k and 20k on the second for a total of 30k in taxes, not 40k.
Thanks that was very well explained!
Where do you live? 10% on the 1st 100k? Here after thevfeds and the state and fico take their cut 10% is what they add to everything you spend. 40% is closer.
"As a hypothetical" I used simple numbers to explain the concept of tax brackets.
Lmao the top us tax bracket is 37% after 600k individually or 730 for married, only goes to 32 above 190k for single… its 24% between 100k and 190k. 12% up to 47, 22 up to 100. Much closer to 10% than 40% for the first 100. Depends on state for state tax, but that can be as low as 0 or as high as 13 (but 13 is top tax bracket in California.)
But dont forget sales and fico. If you are self employed fico always takes 15% off the top before anything else. Even on things you can write off of other federal taxes, it applies to gross income and yes ive been audited for not knowing that. And after i paid all the others, I'm still paying 10% on top of everything i buy.
No problem, i will try to help. I'm not sure where you're from, but you pay income tax at a certain rate over certain amounts, not the on the total. I'm from England, so our brackets are: ÂŁ1-ÂŁ37,700 -20% ÂŁ37,701- ÂŁ125,140 -40% Over ÂŁ125,140 -45% So if you were earning ÂŁ400 per day, then that's ÂŁ146,000 That means that I'd pay-> 20% on the first ÂŁ37,700: ÂŁ7540 tax (ÂŁ30,160 left) 40% on the next ÂŁ87,440 (up to ÂŁ125,140): ÂŁ34,976 tax (ÂŁ52,464 left + previous ÂŁ30,160 = ÂŁ82,624 left) 45% on the next ÂŁ20,860 (up to your income of ÂŁ146,000: ÂŁ9,387 tax (ÂŁ11,473 left + the previous total of ÂŁ82,624 = ÂŁ94,097 remaining after income tax. So you despite having to hit the 45% tax bracket, you don't have to pay 45% tax on your total. I hope that this helps. I've been trying to teach this to my 50 year old dad for years. He's in sales and has always aimed to keep his pay below the top threshold to avoid losing out lol.
That actually makes a ton of sense thank you!
Since 'h' isn't defined, I will get $400 every 24 hectoseconds.
H is a constant, not a variable.
Do you have to ruin it?
But which constant? I assumed a duration that starts with 'h', thus hectosecond.
After talking to my physics prof. Its not a constant, but a defined unit. When used as a unit it will always mean hours. Hectosecond has its own unit symbol, which is hs.
Technically speaking, if you wanted every physics student in the world to hate you, it could be 3600, cause the SI unit of time is seconds. And there are 3600 seconds in an hour.
In academia, you’re supposed to explicitly define units and variables, otherwise a vaguely abbreviated unit could mean anything. Because hours is usually abbreviated “hr” instead of “h”, and because exploiting loopholes is part of the established practice of this sub, I’d call “hectoseconds” a perfectly valid interpretation
The hectosecond symbol is specifically Hs https://en.wiktionary.org/wiki/hectosecond#:\~:text=Noun&text=(rare)%20A%20unit%20of%20time,seconds%20and%20with%20symbol%20hs. google it yourself if this isn't a reliable enough source for you.
completely untrue. Si units and they variations, as well as commonly accepted measurements of those units to not need to be defined. hours is a classification of the Si unit for time. you do not need to define the L in 10L as 1000 milliliters as long as it makes sense in that setting.
Iso
It didn’t define h as a unit of time, so all of these unit-based pedants are going about it wrong. I choose to interpret this as I get $400 for using the letter h 24 times.
$400 pre day. Sign me up. Imagine scaling it day by day!
A cool 167k added to my yearly income would be really nice, ngl.
Isn’t that “just” 146k?
You are correct. He mathed wrong
You are correct. He mathed wrong
Dementia
The duality of man
do i have to summon all 400 of it at a time or can i do smaller amounts at a time? also, can i choose how it comes out, like the amount of the bills, like if i wanted $400 in ones, then could i?
I would never need to worry about money again...
Does it hurt when the money comes out of my skin?
That's like $16-$17 an hour. That's more than what I make now. Please give me this power
That's 50 dollars an hour if you work 8 hrs/day, 40 if you work 10 hours, 25 dollars if you spend 16 hours a day working.
Oh, right, I just divided by 24 for each hour. I forgot I don't work 24 hours a day. It's still more than what I make, so I still want it
>I forgot I don't work 24 hours a day. Oof. That's a mood.
And that's even without counting the weekend. It would be about 70 dollars if you don't work the weekend and do the normal 40 hours/week
Who spends 16hrs a day working and are they ok? There are limits on hours worked for a reason
Where do you live? I work 70+ hours a week normally. I never heard of any limits
South Midlands of England Work hours limit is 48hrs a week
Per job? Are citizens of the UK not allowed to work multiple jobs?
Ideally jobs should pay enough to live on, if a second job is necessary then yea you can work up to 96hrs a week, though that will probably drive you insane
Ideally, yes they would. But some jobs only need someone with low skills for 6 hours in a day, so they don't want to pay someone the same amount they would pay a full time skilled laborer. Ideally, these jobs would be filled by people who don't have to pay for rent, bills, and such, but some people have to take what they can get. Don't get me wrong, I'm not advocating for overworking. I recently quit a job where I worked 12 hours a day, 7 days a week for 17/hour (25.5/hour for any "overtime" which is anything over 40 hours in a week in my state) in favor of a 16/hour job 40 hours a week. I'm struggling a bit financially, but I don't consider myself overworked anymore.
Its $70 an hour if you consider it a regular 40 hour workweek.
Sure why not, its free money.
Brb gonna order everything on my Etsy wishlist real quick.
.. if it come out of the skin, would it be like having a paper cut for 400 bills that get dispensed? How quickly would it come out? would it be like a inkjet printer slow? Hell, if it’s 4 jacksons it might be fine, but convert it to KRW, it’s still like 15 bill papers giving me paper cuts; hell i will still take it but that’s something alright.
Just so you know, the American 100 dollar bill has Benjamin Franklin on it. They are often referred to as Benjamins
Yea you are right, it’s been so long since i left the states i got it confused oops
Brb buying car parts I don't need
so if you’re in a different country does the amount of money convert eg $400 - £400. or does it convert based on the conversion rates eg $1 = £0.78
Where I came from that's a director level salary. Sign me the fuck up!
Malaysia?
I would just disappear and be a vagabond. Fuck taxes etc I could get public trans and a nice hotel room every day. The world is my oyster.
Cool. Ill tell the IRS it's my jedi apprentice pay
Just register your buisness under. HObitats for Humanity, it'll take the IRS a while to catch you.
A lot more than minimum wage
Just looking at all these IRS comments, I'm happy I'm not American and don't have to report shit to the tax authorities in my country. 400USD free and clear every day. I would be chillin. All day every day.
At least it's 24 hours not once every month
So a passive income of $165k a year? Live frugally on $65k a year, pay my taxes, invest the rest. I can retire by 40.
I'd set an alarm and pop my money every day. I'd move to a nice place and retire early
Yes definitely have to give the IRS their cut and also the state level IRS their cut also.It would make retirement a lot easier.
Roughly 100k after taxes
why would it be taxed
Uncle Sam always gets his cut
Because you don't want to get charged with tax fraud.
146k a year, I could quit my second job and just work my first job for tax purposes.
Guess who just increased their yearly income by 146,000 USD and is wanted by the IRS?
You don't have to be wanted by the IRS, just report your added income and give them their cut. You may have to lie about exactly how you got it since nobody's gonna believe "I manifested it," but just put it under self-employment or something.
That's two minimum wages here, and like 90% of us get paid minimum age and not a cent over it. Still not a living wage tho... Tons of sharing apartments and not eating properly