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To: petercooper
I would assume no (total guess). I assume his earnings go into a Trust. When he becomes of age and gets the money, then he is suppose to pay the taxes.

I am only guessing here though.
13 posted on 12/27/2003 7:46:46 AM PST by Calpernia (Innocence seldom utters outraged shrieks. Guilt does.)
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To: Calpernia
I assume his earnings go into a Trust. When he becomes of age and gets the money, then he is suppose to pay the taxes.

Earnings are taxable in the year they are earned. Assuming the kid actually made money, then, yes, he should be paying taxes.

A percentage of his income goes into trust; I do not remember the percentage. I don't know about who is allowed to manage the trust, who oversees it, and how much they can charge for those duties, either.

24 posted on 12/27/2003 8:22:37 AM PST by SCalGal
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To: Calpernia
I'm guessing mom spends the dough.
42 posted on 12/27/2003 4:04:45 PM PST by TASMANIANRED (black dogs are my life)
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