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I suspect the tax issue centers upon the bank transaction as relates to laws concerning banking or bills of exchange rather than solely on type of money. As in the difference in being the source of credit vs being a recipient of someone else's credit.
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Social Security Taxes - Untaxable as well?
I understand that IF lawful money has been claimed properly, it becomes untaxable for income taxes purposes with a reduction shown on line 21 on the form 1040. Does this also hold true for SOCIAL SECURITY TAXES on employee wages [W-2 wages] and Schedule C [indpendent contractor]? If this is the case [non-taxable], how would one go about showing the credit on the 1040? Thanks TonyComment
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