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The partnership is a pass through tax mechanism, which means we share the taxes on the profits earned by the partnership. In our case that is nine thousand dollars. So, we’d each be paying taxes on forty-five hundred. Even worse, we have to pay double social security, since we have to cover the business portion as well as the personal portion. Our taxes would end up being around twelve hundred dollars, each.”“That hurts.”“Its even worse than that.”“Why?”“The problem is that we’re going to have to find out how much we can earn and still be declared a deduction on our parent’s income taxes. We don’t want to go over that. Our moms and dads won’t be too happy with us if we do that.”“I didn’t think about that.”Tim’s mother was shocked that they were thinking about taxes in that sophisticated of a manner. She did appreciate that they were concerned about remaining deductions for their income tax.“According to what I’ve been able to find out, that limits us to seven hundred fifty dollars a. Marilyn didn’t have her car, so Vince and Rose dropped her off on their way home. Jan and Grace excused themselves and turned in, while Gordon and I sat in the living room and enjoyed a snifter of good French cognac. Gordon asked, ‘Was this the first time you’ve entertained?’ ‘Yes. We’ve talked about it but we don’t have that many friends in common yet. Remember that I’m only recently back here after five years of wearing government clothing.’ ‘How bad was it over there?’ ‘Bad. Maybe I’m just reflecting an enlisted man’s view of things, but I found that the enlisted men were pretty good soldiers, whereas the officers were a very spotty bunch. Some excellent, but a lot of them not very good. There were officers who came out of National Guard and reserve outfits, who’d been just going to meetings and getting paid for it as an easy way to pick up a few bucks, without giving much attention to the details of being responsible leaders. ROTC officers were good, and West Point grads were the.
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