It’s tax season! And one of the first steps for household employers is to provide Form W-2 to their workers. They will need this document to file their personal tax return. Here is how to prepare and create a Form W-2 for your nanny.
Whether you put off nanny taxes until now or are just realizing you have a household employment tax obligation, now is time to catch up on your nanny taxes. While it is much easier to track nanny tax withholdings with each pay period, you can “catch up” at the end of the year. It will take a little more time and effort on your part. Here’s how to catch up on your nanny taxes as you prepare your 2023 taxes.
Did you know that nearly half of U.S. states and dozen of cities and counties will boost their minimum wage rate at some point in 2024? Don’t get caught with a costly wage violation if your nanny’s pay rate slips below minimum wage.
The IRS recently announced the cost-of-living adjustments for employer-sponsored retirement and employee benefit plans for 2024.
The Social Security Administration released its 2024 Employment Coverage Threshold for household employees. Next year’s coverage threshold increases by $100 to $2,700.
The Chicago Paid Leave and Paid Sick and Safe Leave Ordinance will expand paid time off for workers in the city, including household employees, to 10 days of paid leave. It’s considered one of the most generous policies in the country. Here’s how household employers will need to comply.
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