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Revision as of 16:40, 13 May 2026
S is for SPLIT. Income splitting is a strategy that involves transferring a portion of revenue from someone who's in a high tax bracket to a person who is in a lower tax area. It may even be possible to reduce the tax on the transferred income to zero if this person, doesn't have other taxable income. Normally, the other body's either your spouse or common-law spouse, but it could even be your children. Whenever it is possible to transfer income to someone in a lower tax bracket, it must be done. If profitable between tax rates is 20% your own family will save $200 for every $1,000 transferred to your "lower rate" significant other.
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If you add a C-Corporation with your business structure you is effective in reducing your taxable income and therefore be qualified for those types of deductions and your current income is simply high. Remember, a C-Corporation is some individual citizen.
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The 'payroll' tax applies at a limited percentage of one's working income - no brackets. Regarding employee, you pay 6.2% of one's working income for Social Security (only up to $106,800 income) and 1.45% of it for Medicare (no limit). Together they take additional 7.65% of your income. There's no tax threshold (or tax free) regarding income in this system.
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