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Subject:  Re: Paying children to work Date:  7/14/1999  9:59 PM
Author:  TMFTaxes Number:  17327 of 128041

[[This wouldn't save you in self employment taxes, because you will just be paying
their SS taxes. But you will save a lot in income taxes for his profit will be
reduced by ~$9,700. And thus his savings would be his tax rate times that

One of the additional beautiful things about this strategy is that the kids DON'T have to pay any FICA taxes...either employer or employee long as they are under age 18. And they don't have to pay any FUTA (fed unemployment payroll taxes) if they are under age 21.

It's really a nice deal.

TMF Taxes
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