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I don't know where you are, but the labor laws are pretty strict for lawn mowers and kids.
Here is Indiana's: http://www.in.gov/dol/2398.htm
Minors 14 and 15 years old are prohibited from operating most power-driven machinery, including lawn mowers, tractors or weed cutters, in conjunction with any business.
Just a quick google search showed similar results for FL, MT, NC and GA. The federal labor law doesn't allow 15 y/o's to work mowers. The rules seem to change at 16 though.
Also, it's one thing to have your own kid running power equipment, but having another person's kid with a mower is a pretty big risk. One wet day and his foot slides under the mower and you're going to be paying millions. And get fined by OSHA and sued into oblivion.
If you still want to hire, then the national minimum wage is $7.25, but some states have higher minimums. Again, what you pay your kid is one thing, but one bad Saturday and your kid's friend's parents call the DOL and now all your payroll stuff is audited. Did you get an I9 and a W4? Workers Comp? Did you notify the state of the new hire?
I thing there's a saying about no good deed goes unpunished?
Have you done a quick search on the local help wanted section on craigslist to see what others are offering to pay? You may not be looking to be competitive with them, but at least this will give you a price range.
Also, be very careful with your son's friend. He could become a huge liability for you if he gets injured or damages something or injures someone else.
i live in canada got insurance pay them legally and even got workers comp.my son has been working for me for the last 3 years and his friend the same i pay the taxes that are owned.trunk insurance trailer insurance etc..