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Posts tagged as “Child”

Employing Family – A Potential Tax Savings


While there are many factors to consider when hiring family members, there may be a few advantages from the payroll tax perspective.  But, only if you are aware and perform the necessary overrides in your payroll system or notify your payroll service provider. Let’s break this down into the types of family relationships as the advantages are different for each. Parent employs Child – If the child is under the age of 18 and works in their parents business, their wages are not subject to Social Security (OASDI) or Medicare taxes  This only if the business is setup a sole proprietorship…