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Do we have any accountants/tax pros here?


debtmamma
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i had a typo - i meant 18 not 14..but you already answered that one...do you have other employees? if its just you you can be self empolyed under your SSN..if you have X number of employees (not sure about your states requirments) you would have to have EIN and set up payroll and reporting info. But if all your emplyees are kids there is no social security/ medicaid to withhold. and htere would be no federal to withhold if under appx 4000k- check for that correct amount thats probably more now...because your child has an exemption and probably no state tax either to withhold. So this is just general info you will have to check with someone fimiliar with your states laws.

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You may find this article helpful.

http://findarticles.com/p/articles/mi_qn4185/is_20060212/ai_n16058255

I would HIGHLY recommend that you use a CPA that deals with family owned business issues. You do NOT want to mess this up as it could appear that you're just trying to transfer income from yourself to a child and pay less in overall taxes (depending on the amount being paid to your minor child).

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Thanks for the info!

DHK I know what you mean - I read on another board where a lady was boasting that she never paid income tax and how, stuff like she formed a corp, had the corp buy her family supplies, etc. I told her that was fraud she was just circling money on paper to avoid income tax but she responded back it was legal. :roll:

I don't earn enough to owe income tax. The SE tax I have to pay comes and the not paying quarterly penalty gets taken out of my EIC. Actually I looked at the EIC chart and paying him will reduce my income and reduce my EIC but I still want to pay him. I have to find out what the child labor laws first I guess. I want to pay him for the stuff he does like the maint on my computer.

I'm trying to find a small biz accountant who does consulting work. The ones I called so far either taxes or they do consulting for larger businesses.

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