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-   -   Where In MMK Do I Put …. (https://www.daycare.com/forum/showthread.php?t=45626)

familyschoolcare 05-10-2012 04:37 PM

Where In MMK Do I Put ….
 
I have struck a deal with my 13 year old Daughter to compensate her for “playing” with the DCK. We are keeping track of her hours and at the end

of the month I will pay her cell phone bill instead of her paying me and if she has “extra” hours we will the talk about what she can have for compensation

most likely will be clothing that she wants. Where and as what do I record this in MMK.

daycare 05-10-2012 04:40 PM

Originally Posted by familyschoolcare:
I have struck a deal with my 13 year old Daughter to compensate her for “playing” with the DCK. We are keeping track of her hours and at the end

of the month I will pay her cell phone bill instead of her paying me and if she has “extra” hours we will the talk about what she can have for compensation

most likely will be clothing that she wants. Where and as what do I record this in MMK.

sorry i am confused..what are you wanting to put into MMK how much you owe her or how many hours she worked?

daycare 05-10-2012 04:43 PM

do you me mean like putting it under expenses and then under employee wage?

familyschoolcare 05-10-2012 04:43 PM

Originally Posted by daycare:
sorry i am confused..what are you wanting to put into MMK how much you owe her or how many hours she worked?

What I pay her with. The things I buy for her in exchange for her helping in the Day Care.

daycare 05-10-2012 04:51 PM

Originally Posted by familyschoolcare:
What I pay her with. The things I buy for her in exchange for her helping in the Day Care.

I am not sure how you or if you can do barter and trade like that... I think that to make it easier on you, that you should just pay her out a wage.

familyschoolcare 05-10-2012 05:10 PM

Originally Posted by daycare:
I am not sure how you or if you can do barter and trade like that... I think that to make it easier on you, that you should just pay her out a wage.

Tom said we could as long as the service being provided to us has a value that is equal to or more than the "thing" we are purchaing in return. So if min

wage is $8 and hour and she works 10 hours that is $80 as long as what I buy her is less than or equal to $80 then it is OK. However, if I pay her a

wage then I have to take out taxes and pay part of them ect. ect. ect.

daycare 05-10-2012 05:13 PM

Originally Posted by familyschoolcare:
Tom said we could as long as the service being provided to us has a value that is equal to or more than the "thing" we are purchaing in return. So if min

wage is $8 and hour and she works 10 hours that is $80 as long as what I buy her is less than or equal to $80 then it is OK. However, if I pay her a

wage then I have to take out taxes and pay part of them ect. ect. ect.

oh well this is news to my ears....then I don't know where you would put it other than claiming the item that you purchased under the correct category.

familyschoolcare 05-10-2012 05:20 PM

If we wait long enougph tom will answer then we will all know.

Also he might clarify if I got the "barter" thing wrong. But I do not think I did

MarinaVanessa 05-10-2012 05:39 PM

Originally Posted by familyschoolcare:
If we wait long enougph tom will answer then we will all know.

Also he might clarify if I got the "barter" thing wrong. But I do not think I did

I don't think you did either. This is a good question too. It's got me stumped. I hope that Tom Copeland can shed some light on this even though it's a MMK question.

TomCopeland 05-11-2012 10:25 AM

hiring daughter
 
You can handle this in one of two ways:
1) Non-business - give her gifts (pay cell phone, buy clothing) in exchange for her working for you. The gifts are not a business expense and they are not income to your daughter. Don't enter anything into MM.

2) Business - compensate her for her work for your business by giving her items (pay cell phone, buy clothing). Deduct the value of the items you give her as a business expense. If she gets less than $5800 worth of stuff in a year she doesn't have to report it as income because she is under age 18. Since she is under age 18 you don't have to withhold social security tax. Check with your state to see if you must purchase workers compensation insurance (probably not). You must keep careful records of the hours of work she does for your business. Enter the value of the items you give her in MM under Other Expenses - Wages.

familyschoolcare 05-11-2012 05:59 PM

thank you for the information.


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