The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies


Subject:  Paying children to work Date:  7/12/1999  4:51 PM
Author:  chrisbafool Number:  17204 of 124773

I have a client who wants to pay his minor children(10,13) a paycheck for actual work performed in his retail store rather than pay them out of his pocket at his tax rate. Is this generally ok? It is a proprietorship by the way. Also, if the children then have earned income, could they contribute to a Roth IRA?

Thanks in advance,

Copyright 1996-2016 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us