
Can I Add My 3yo Kid to My Payroll for the Tax Benefits?
The Ramsey Show Highlights
00:00
How to Set Your Kids Up for Success
When I did this for R3 kids, you have to file a tax return on the kid and there is some taxes to you. There's no income tax to you, but they're going to get hit with FICA and self employed income. And so each one of them, I filed a tax return. I looked at their actual income. They kept the money that they earned. And I put the equivalent amount into a Roth IRA on their behalf. All of them were teenagers by the time we were doing that. But I mean, they were, you had a justifiable case and we were at baby step seven and my investments were okay. You know, again, the heart behind
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