Increase Your Family Wealth

If your parents are able to work for you in your business and they can replace a non-family employee, you can pay your parents those wages and keep that money in the family. Unlike paying your children under age 18, you do have to pay the FICA and Medicare taxes on wages to your parents, but you don't have to pay Federal or State unemployment taxes like you would any other non-family employee.

Consult your tax professional to see if this fits your circumstances. This is not to be taken as tax advice. Please refer to our End User License Agreement.

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