5 Times Hillary Clinton Was a Major Boss B (That You’ve Totally Forgotten About)
Since moving into the public sphere four decades ago, Hillary Clinton has held numerous roles: from wife and advocate for reform, to senator and then secretary of state. Now, she’s the first woman to run for president on the ticket of a major party — the first woman who really stands a chance of becoming president. But what happened earlier in her life? Some of these moments have made it into campaign speeches and videos, so let’s take a closer look.
1. Astronaut Hillary: Hillary has mentioned in many speeches that her childhood goal was actually to be an astronaut, but that she was rebuffed after she wrote in to NASA expressing her interest in traveling to space. In the early 1960s, when she would have written, NASA only accepted men as astronauts. In fact, it was a heated topic of discussion at that time whether women should be allowed to participate in the space travel program.
2. Wellesley Commencement Speech: As Hillary’s cohort prepared to graduate from the women-only liberal arts college in 1969, they decided they wanted to hear from someone who’d never been invited to speak at a Wellesley convocation ceremony: a member of the graduating class. And it was a no-brainer who should have the honor, according to the college’s then-president, Ruth Adams: It had to be Hillary. You can listen to parts of that speech on YouTube.
3. Working on the Watergate Committee: Contrary to what some believe, Hillary Clinton was not fired from the committee investigating whether then-president Richard Nixon should be impeached for his involvement in the Watergate scandal. But she did work on the committee fresh out of Yale Law School, and even predicted to her boss that her boyfriend Bill would one day become president! Now that is confidence.
4. Arkansas Education Reforms: During her 12 years as First Lady of Arkansas, Hillary is widely credited with overseeing reforms that took the state out of its perpetual spot near the bottom of every national ranking system of states’ educational performance. She and Bill actually both lost favor with teachers in the state for including mandated teacher testing in the reforms, especially as he’d received huge support from unions all over the state in his bid for office.
5. Health Care Reform… Almost: A 2014 New York Timeslook at Hillary’s role as First Lady describes her role in the attempt to reform health care: “She was an independent force within the White House, single-handedly pushing health care onto the agenda.” While we all know that the mid-1990s push to make health care more accessible to Americans didn’t quite pan out as planned, her central role in the reform movement made her one of the most politically active first ladies in the country’s history, recalling the powerful figure of Eleanor Roosevelt.
What’s your favorite Hillary Clinton story? Let us know on Twitter @BritandCo!
(Photos via Tim Boyle, Scott Olson, Peter Kramer, Andrew Burton, and Isaac Brekken/ 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