11 Surprising Things You Didn’t Know About Olympic Hero Simone Biles
19-year-old Simone Biles has taken the Olympics by storm. Not only has the first-time Olympian secured a whopping five medals in Rio this month, but FOUR of them are gold. And have you been on the Internet (silly question. Hi!)? Fans have been squealing over not just her athletic performance, but everything from her eye makeup to her emojis to her potential guest role on Pretty Little Liars. We. Can’t. Get. Enough.
1. Simone was adopted and raised by her grandparents. Simone’s biological mother’s drug and alcohol addictions left her unable to properly care for her children. After a stint in foster care, Simone’s maternal grandparents Ron and Nellie officially adopted Simone and another of her siblings. Simone even calls her grandmother mom.
2. She taught herself to do backflips off her family’s mailbox. This was before she was ever enrolled in gymnastics. It was clearly in the stars for this one.
3. A turn of weather introduced her to gymnastics. When Simone was six, her daycare had to change their plans for a field trip last minute, and instead they went to a local gym. She was a natural alongside the other gymnasts, and an instructor sent a note home encouraging her to enroll in lessons.
size difference in olympians doesn't matter, depending on what sport you do 😉 6'8" & 4'8" pic.twitter.com/xiU9zIBXJH
— Simone Biles (@Simone_Biles) August 2, 2016
4. She’s so teeny. Like, 4’8″ teeny. But you know what they say: Height doesn’t measure heart.
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5. She was homeschooled. Simone was so dedicated to her training that she decided to do homeschooling for high school to allow more hours in the gym a week, from the usual 20 up to 32 hours a week.
6. She’ll be heading to UCLA. She deferred her original acceptance to instead go officially pro, signing with the same agency that represents Michael Phelps last year. She has said she plans on attending after the Rio Games.
7. G-Eazy is her favorite artist. A few weeks ago Simone shared a photo of her and friends before going to a G-Eazy show, and has told ABC news he’s her favorite.
8. Pizza is her favorite food. “After every meet I have pizza. Pepperoni pizza,” she told ABC News. What did we tell you? HERO.
9. She “doesn’t do bugs.” At the World Gymnastics Championships in 2014, a bee flew near Simone on the medal podium and she famously threw her bouquet at it. Can’t say we blame her. (Photo via Lintao Zhang/Getty)
10. She’s an all-around sports fan. Her favorite basketball player is Steph Curry, she announced the Houston Texans’ pick at the NFL draft and that? That is a picture of her throwing out the first pitch at a Houston Astros game. YEAH.
11. Simone. Is. A. Hero. Yeah, we know you already know that one. But we can never say it enough. (Photo via Alex Livesey/Getty)
What’s your favorite Simone moment from the 2016 Olympics? Let us know over @BritandCo!
(Featured photo via Alex Livesey/Getty)
Welcome to Selfmade Finance School, our new money series with Block Advisors to help small business owners with their tax, bookkeeping, and payroll needs year-round. This week, we explore the tax implications of bringing family members into your business.
The question for today is this: Does hiring your family members make sense for your business? Let me be clear. This is not a piece about whether hiring your family members makes sense for your relationships with those family members. As someone who is part of a family business, I could fill up a lot more than 600 words on my opinions about that. For today's purposes, we focus on whether it makes sense from an overall "good business and tax implication" perspective. As it turns out, there is a decent amount of tax nuance when it comes to employing your family. Let's break it down based on relationship to the employee:
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Spouses Who Are In Business Together
Personally, if I had to be in business with my husband, it would not go well. However, many couples build viable, strong businesses together and I say, good for them! Depending on how you have your business entity structured, it will make a big difference on the tax treatment of you and your spouse working as partners. Because a business jointly owned and operated by a married couple is generally treated as a partnership for Federal tax purposes, the spouses must comply with filing and record keeping requirements imposed on partnerships and their partners. The election to file two Schedule C (Form 1040) forms, (one for each spouse) permits certain married co-owners to avoid filing partnership returns, provided that each spouse separately reports a share of all the businesses' items of income, gain, loss, deduction, and credit. Under the election, both spouses will be subject to self-employment tax and on net earnings from self-employment and receive credit for Social Security earnings.
One Spouse Employs Another
If you have a dynamic where your spouse is an employee of your business, then your spouse's wages are subject to income tax withholding, Social Security and Medicare taxes. If you are self-employed (not a corporation or a partnership), your spouse's pay does not have to be included in your federal unemployment tax account (FUTA) contributions and payments. However, if your business is a corporation or a partnership you must include that spouse's pay in your unemployment tax contribution calculation.
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You Employ Your Child
First, let's be clear. I work in my family business, but I am an adult, so I am treated just like a normal employee. However, if you, for example, run a family restaurant and want to hire your children under 18 to work for you, there are some tax benefits. But first, you should check with your state for rules on how many hours minors can work (in non-agricultural jobs) and reference the Fair Labor Standards Act for information on limitations on the kinds of work children can perform.
"This is an often overlooked or under-utilized strategy. Paying your children for true services they provide in your business can be a powerful tax-saving tool," says Cathi Reed, Block Advisors Regional Director. "If you are a sole-proprietorship or single member LLC, and the child is less than 18 years of age, the business is not required to withhold FICA or payroll taxes. The child can use his or her standard deduction against income you pay."
You Hire Your Parent
Oh dear. If you are brave enough to do this, know that you will need to pay Social Security and Medicare taxes on your parent's wages and make the appropriate withholdings, but you don't have to pay unemployment taxes. Now all you have to do is convince your parent that you are the boss. Have fun with that!
Is Hiring Family Members Worth It For The Tax Benefits?
"There are some positive tax advantages to hiring family members. It's important to treat a family member like any other employee. Hiring your children can result in substantial savings for businesses. Make sure your child has real, age-appropriate work to do and a reasonable pay rate, comparable to other employees. Consult with a Block Advisors small business certified tax pro to ensure that you are complying with all requirements," advises Reed. "Block Advisors, a team within H&R Block, is dedicated to meeting the tax, bookkeeping and payroll needs of small business owners year-round. To start working with the tax experts at Block Advisors, visit blockadvisors.com."
In my opinion, you should not hire a family member solely because of the tax benefits. You should always hire based on whether that person is right for the job and keep in mind how this hire could materially impact your relationship with that person and others in your family. Finally, as I mentioned, make sure you have a tax professional on your team when making these determinations. As you can see, things can get a little tricky!
*All details were sourced from IRS.gov and blockadvisors.com