Summary: Today on the Consumerism Commentary Podcast, Tom Dziubek talks with Gregg Wind, CPA at the accounting firm of Wind & Stern, about income taxes related to children’s summer jobs. First, Gregg and Tom talk about tax advantages for parents who have a business and are thinking about hiring their children as employees. Afterward, they discuss summer jobs for kids in general and things that they should consider doing for their income taxes. Consumerism Commentary Podcast Income Taxes and Your Kids’ Summer Jobs: S07E10 / 166 jQuery(document).ready(function($) { $('#wp_mep_6').mediaelementplayer({ m:1 ,features: ['playpause','current','progress','duration','volume','tracks','fullscreen'] ,audioWidth:400,audioHeight:30 }); }); Download – RSS – iTunes Table of contents [00:00] Introduction from Tom Dziubek [00:37] Interview with Gregg Wind – [00:51] Hiring your kids to work at your family business – [01:47] Avoiding the “kiddie tax” – [03:50] Payroll tax impact – [05:10] Tax-free benefits – [05:58] IRA contributions for kids – [07:39] Summer jobs for kids: explaining the W-4 form – [10:30] What a teen should withhold for their taxes – [13:37] Working as an “independent contractor”: the 1099 form – [16:45] Declaring tips as income – [18:10] Kids who want to start a business – [22:04] Self-employment tax even though standard deduction exceeds income [25:03] End We always welcome feedback from listeners. If you have any comments for this episode or for any other, or if you have suggestions for future episodes, please leave us comments here or email us at podcast at this domain name. Theme music by Mindcube. Podcast 166: Income Taxes and Your Kids’ Summer Jobs is a post from Consumerism Commentary. New to Consumerism Commentary? Start here.
