Guest guest Posted March 27, 2007 Report Share Posted March 27, 2007 I recently hired two employees for my IMP- my 13 year old daughter and my 15 year old son. My son is providing an hour of tech support weekly and my daughter is doing secretarial/housekeeping/graphic design 1 hour per week. I've upped their allowance by $5 per week and I'll be giving them a check each at the end of the year for $2000 which they will hopefully put into an educational savings account or as the article advises, a Roth IRA. There is no with-hold of taxes for them since they are under 19. They are both excited about having real "jobs" and much more enthusiastic about helping me out. Got the idea from my father who read about it in January 07's issue of CFO (www.cfo.com then go to topic: Your Money : Tuition Magicians) I also discussed the details with my accountant who advised limiting what you pay them to $2000 per year, although I noted one parent paying $4000 to her 11 year old for similar jobs. I end up getting a payroll tax deduction and college savings grow tax-free. I'm wondering if I should have them sign a business contract as per HIPPA. In any event, it's great keeping it all in the family! Janice Pegels, MD Solo practice 2002 Amazing Charts/Updox/Appt Quest since 7/06 IMP3 Vestal, NY Need Mail bonding?Go to the Yahoo! Mail Q&A for great tips from Yahoo! Answers users. Quote Link to comment Share on other sites More sharing options...
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