The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: IRAs for under 18||Date: 6/4/1998 1:12 PM|
|Author: TMFPixy||Number: 3574 of 72265|
<<Lets see, when I was 15, I could mow a $20 lawn in about 20 minutes, That's $60/hour TAX FREE. I had about 20 lawns - so $400/week TAX FREE. All in about 8 to 10 hours of work after school and on weekends.
Lets compare this to McDonalds - even at like $8/hour which they might pay in affluent areas. 8 * 10 = $80, take out taxes - $68. Hmmm.... I wonder if getting a REAL job is such a good idea?>>
LOL. Also, I agree about staying off the books for the ability to make and keep more. But if you want the child to have an IRA, it's best IMHO to have that $2K somewhere on the books and reported via a W-2.
|Copyright 1996-2013 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|