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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: SCalGal
>>>>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.

Thanks. I do get confused by how these Trusts work.
38 posted on 12/27/2003 10:34:48 AM PST by Calpernia (Innocence seldom utters outraged shrieks. Guilt does.)
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To: SCalGal
A percentage of his income goes into trust; I do not remember the percentage

Liza (skeptical) "what percent?"
PR flunky "Zero. Zero's a percent" < /Simpsons>

44 posted on 12/27/2003 4:26:45 PM PST by Oztrich Boy (Merry Yuletide Festival to All!)
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