So basically all the taxes will already be charged upfront, this will be a simple transaction.
That's how I understood it too. This is just enabling crypto transactions, no additional taxes/fees.
We're a bit beyond the scope of the message boards for explaining these things, but I'll provide a quick summary here now and stay tuned as we have some great content and demo's coming up that will do more justice then this post can to these important questions -
At the core of workPAY is a flexible payment contract that will enable any two parties to enter into an agreement around scope of work, and payment for that work. What we're doing here isn't really revolutionary. Remember that offer letter / employment contract you signed? What WorkChain.io does is takes the payment portion of that and encodes it into a smart contract - Which then executes without any intermediary based on the conditions as to which it was programmed.
For example, in a time-based scenario the smart contract could release funds after a minute/hour/end punch time - Really anything. There are of course practicality concerns with true 'real-time' payroll (these are still smart contracts that have to execute after all).
So you can imagine this as a universal payment protocol, on top of which we can then start to think through the real world scenarios for the different ways in which people work, for example salaried/hourly, full/part-time, gig, contract,etc.
We see this as an important first step to remove the complexities that go into determining 'net' pay. This is a hugely complex problem, largely because it's different in every jurisdiction around the world (Fragmented), and is constantly changing. Lot's of fantastic companies have already solved these problems - WorkChain.io will work with them, either directly or indirectly.
Thanks for the great questions. More to come!
Ryan
