Child on Payroll

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Putting your child on a payroll will help reduce taxes as the money is transferred to the child’s name, and he/she will pay taxes at a reduced rate. However, if the income reaches a certain limit – the family may be disqualified from getting financial aid or it may reduce their financial aid.

IMPORTANT NOTE

If, you are not eligible for financial aid, then you can put your child in payroll, as it will free you from paying social security charges, which are charged on your child’s income – until he/she reaches the age of 18.

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