I'm trying to legally hire my children for helping out with the business during the summer. I got payroll set up for them, and they are exempt from FUTA and FICA (under 18 working for family business), and they will be making way less than 12K$ so won't pay income tax.
The only thing I cannot figure out is Workers Compensation insurance.
Most places won't cover minors, and I got a quote of 800$ from the NYS Insurance Fund.
I'm about to give up and not take advantage of the tax benefits of hiring my children.
Has anyone figured out how to get a reasonable quote for workers' compensation insurance?