I need to employee my parents (US
permanent residents/Green card holders, age 62, living in California
) at my small business to show some income
for them to classify under low-income. This is a requirement to get medical benefits
by a local
community hospital. Without getting such income, they are classified as dependent
on me and don't get medical coverage as they are under 65.
While setting their pay, we want to minimize any income and SSN taxes
They will file their annual tax return
1. Up to how much combined annual income they wouldn't be paying any Federal
or California State
2. Up to what annual income, they would be able to get some social security taxes
3. Any other points you suggest to take care while setting their income, etc.?
We don't have any issue with income etc for living. Just want to optimize to keep govt taxes low and maximize benefits for them.
So, I am trying to find what is the optimal level of annual salary I should set for them to minimize our tax liablity, etc. and maximize benefits to them.