One of my parents need to show income for some benefit purposes. I want to pay the money, which they can show as income. We are talking about 12K per year. They don't have any other money.
what is the best way to do this to avoid more taxes and payments?
- Sole proprietor (They can do some freelance work for me). I can issue a 1099 at year end. Do they need to pay estimated taxes given such as small income. Do they need social security or medicare taxes? If so, How will this be paid?
Any other better way for me to give them money that they can earn and show proof? Proof could be just a bank statement.
Thank you
State : Texas
what is the best way to do this to avoid more taxes and payments?
- Sole proprietor (They can do some freelance work for me). I can issue a 1099 at year end. Do they need to pay estimated taxes given such as small income. Do they need social security or medicare taxes? If so, How will this be paid?
Any other better way for me to give them money that they can earn and show proof? Proof could be just a bank statement.
Thank you
State : Texas