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I know Adsense requires you to be 18 or over, does anyone know if any of the other major advertising or affiliate programs do or do not have any similar age restrictions?
Why not just setup an additional business and hire them through that one?
I have to check on that - I think I might need to have the income in their names or it falls under a common controlled group if I own or control all of the businesses.
Just wondering how much traffic and uniques your kids site get?
-Steve
[edited by: eljefe3 at 3:23 am (utc) on Oct. 18, 2006]
Just wondering how much traffic and uniques your kids site get?
None, right now. They don't even have any web sites yet. But before too long I have a feeling they will be getting enough traffic to earn around $4,400 each annually. :)
What's the chances they will ask your kids? ;)
Beyond that, you may not be able to hire your kids as employees, but can you hire them as contractors?
Beyond that, you may not be able to hire your kids as employees, but can you hire them as contractors?
Hannamyluv, that is an absolutely brilliant suggestion. I'm going to keep that in mind. :)
Actually, I think I might break down and hire them as employees of my company. The problem is if I have even one employee, I have to change my retirement plan to one with lower contribution limits.
But on the plus side, because I have employees, the new plan would be an ERISA covered retirement plan. Plus, I can set up retirement plans for them, and their first $5,150 in salary (2006) is not taxable.
(I thought the limit was $4400 instead of $5,150 which is why my earlier post referring to $4400 probably made no sense to anyone.)
This is a good article on the subject if anyone else is interested -
[moneycentral.msn.com...]
[edited by: Jane_Doe at 7:07 pm (utc) on Oct. 19, 2006]
Can't your retirement plan exclude employees that aren't full-time (so hire your kids part-time) or with less than the minimum amount of time in service?
No, it isn't my plan rule it is the government rule. I can't keep the kind of plan I have now if I have any employees at all.
The suggestion of my kids being contractors was a good idea, but after thinking about it since they would not have any other employers they probably would not pass the IRS tests on that point.
The drawback is I have to hire a pension firm to administer the plan, at the cost of a few thousand dollars each year, but it will be worth it in tax savings. Plus, I now have an ERISA covered plan.
None, right now. They don't even have any web sites yet. But before too long I have a feeling they will be getting enough traffic to earn around $4,400 each annually.
:) thinking of some more kids :)
