Up until about a year or so ago My Farmer, with the help of his Dad, takes care of all the chores on the farm. Thankfully our boys are now old enough to be able to help out and lighten the load. Now it’s time to compensate them for their work.
Loading up the cattle for butchering
While I was crunching the numbers for taxes this year I learned we can pay our boys for the work they do and it would be tax free income for them. I found out that the income had to stay under $5600 and it’s for ages 7 to 18. The catch is record keeping on the hours they work. Record keeping is right up my alley and creating forms is a forte of mine.
Now each one of the boys now has a monthly time card (downloadable PDF file) to ensure they get paid for their work. This will be a great learning experience for them on money management and how much time it takes to earn money for something they may want. Not to worry they will learn how to save and give to charity as well.
Keep in mind this can work for any small business. Not just a farm. Kids can do a variety of odd jobs for any business and it’s a win/win situation!
What do you pay your kids for?
I think this is a great lesson. This teaches responsibility in so many ways. Kids are great contributors to a lot of fun things in our world!
Sara Broers recently posted..A Little Of This- A Little Of That- It Is Only Laundry
Great entry as always City Chic, great way to teach values, and giving to kids. Well put!