Can I hire my child as an employee?
Yes, you can hire your child as an employee, and there are several tax advantages to doing so. Here are the key points to consider: 1. **Age and Type of Work**: Ensure the work is appropriate for the child's age and complies with child labor laws. The work should be legitimate and necessary for your business. 2. **Reasonable Compensation**: Pay your child a reasonable wage for the work performed. The wage should be comparable to what you would pay a non-family member for the same job. 3. **Tax Benefits**: - **Under 18**: If your child is under 18 and you operate a sole proprietorship or a partnership where both partners are parents of the child, their wages are not subject to Social Security and Medicare taxes. - **Under 21**: Wages paid to a child under 21 are not subject to Federal Unemployment Tax Act (FUTA) taxes. - **Income Shifting**: Paying your child can shift income from your higher tax bracket to your child's lower tax bracket, potentially reducing your overall tax liability. 4. **Record Keeping**: Maintain proper payroll records, including timesheets and payroll tax filings, to substantiate the employment and wages paid. 5. **Standard Deduction**: For 2023, the standard deduction for a single filer is $13,850. If your child earns less than this amount, they may not owe federal income tax. 6. **Retirement Contributions
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