What Is The Minimum Age For Hiring A Family Member As An Employee?
Tax Professional Answers
This allows them to start saving early, and even helps to encourage good work habits. Your children can earn up to the standard deduction amount for a single taxpayer (roughly $6,350 per year) without paying any income tax at all. And earned income isn’t subject to the dreaded “Kiddie Tax.” A comprehensive tax plan will determine how to pay your child, how to document it, and even where to put the money once you’ve paid them.
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