Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next
Author: eedee Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121096  
Subject: wages for kids Date: 1/13/1999 10:10 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I have a freelance writing business as well as a regular job. I'm not incorporated; I just file a schedule C for my freelance earnings.

I want advice about the following idea: I'd like to put my children on the payroll, pay them $2,000
each per year, and put this money in a Roth IRA for them. I figure this way I save on taxes for the
profit from my business and put some money away for their futures (part of which could help to pay
for college). But how old do they have to be before I employ them? Can a 6-yr-old earn $2,000 and
start an IRA legally? A 12-year-old? If I do pay them, do I also have to pay social security, etc? Do I
need any documentation about what kind of work they perform?

Thanks for any info on this.

--eedee
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (2) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement