This book is to be used as a starting point for children and parents. The focus is on the unmarried dependent child (with no dependents of their own) who has a yearly income that ranges from $1.00 to the amount of the single standard deduction allowed by the IRS for the current tax year ($5,350 in 2007). This book can also provide limited guidance for children with incomes outside of this range, introducing them to basic topics.
Major Topics include :
1) Money Management : Appreciate the benefits of a Roth IRA
2) Career Skills : Identify different types of child employment
3) New Ideas : Discover different ways parents can employ their children
4) Special Details : Learn how parents can issue Forms W-2 for their child
5) Introduction to Taxes : Basic tax concepts for children with low earned income
6) Powerful Knowledge : Understand rules for children to contribute to a Roth IRA.