|Re: paying ourselves for work||<– Date –> <– Thread –>|
|From: John Eaton (johnehpvcle.vcd.hp.com)|
|Date: Fri, 11 Nov 94 17:13 CST|
> > We're printing our own money in Ithaca, NY. $47,000 of Ithaca HOURS (at > $10/HOUR) has been issued since 1991. Over 1,000 people have used it to make > thousands of trades. Thousands of goods and over 300 services are available: > Anyone thinking out setting up such a system should have good understanding of the IRS rules on barter systems. One of the reasons that such payment programs are so effective is that they leave out the 30-50% that normally gets skimmed off for taxes. The IRS knows this and actively seeks out such deals and demands that the particpants cough up the taxes due. Make sure you know the rules before you break them. If you are "paying people for work" you may also be subject to various workers comp laws. Figure out beforehand what you will due if someone working for the group becomes injured. John Eaton !hp-vcd!johne
- paying ourselves for work School of Mathematics, U of MN, November 9 1994
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