What will happen to the 25% contribution from a minor’s earnings?
As of September 4, 2001, any minor whose lifetime earnings reach $5,000 while they are working as a performer under ACTRA’s jurisdiction, is subject to A2716 and 25% of his or her earnings are remitted to the ACTRA PRS. As of July 1, 2002, all minors working in ACTRA’s jurisdiction under the NCA are subject to the same provisions under article 1611.
Related Questions
- Does the minimum 5 year contribution period start as of the first Roth contribution, or there have to be 5 contributions in 5 years before earnings become tax-free?
- Are the contribution rates our organization agreed to a percentage of the employee’s gross earnings or taxable earnings?
- Does the Roth contribution have to stay in the plan for five years in order for the earnings to be tax-free?
