If your parents own a unincorporated business, work for them, here is why. (In most States) They will have to pay no Social Security or Medicare Tax and normally no State unemployment or disability taxes. (applies to children ages 7 and up)
And you can make up to $7750 tax free (2003 TY)
Arrange to be paid $7,750 for your work. They will issue you a W-2.
Because you are under 18, they will not pay any of the taxes shown above.
For you, the first $4750 earned by each child in not taxed (std deduction 2003 TY) The next $3000 can be sheltered via a IRA.
If parents joint income is over $100K, they can't claim either the HOPE or Lifetime learning Credits, so this can be a big plus for them too.
If they are in the 35% tax bracket they themselves just saved $2715 in Federal taxes alone. Included State Tax and medicare savings and they save close to $3000.00 in Federal Tax.
May want to consider saving for College & retirement before buying a "want" item. I started a paper route at 12 and worked various jobs and saved 50% or more of my take home till I got to College. It can be done if you really want.
Oh, better not get started on money management.
Joe
