Mobile payment apps like PayPal and Venmo have made financial transactions easy for any number of situations including paying a nanny or babysitter. However, a new tax reporting rule may change all that. Here’s what you and your childcare provider need to know.
What can household employers expect in 2022? From a tight nanny job market to more paid sick and family leave laws, here are seven household employment trends to watch if you employ someone to work in your home.
From vaccines to federal and state laws to paying household employees the right way, here are our most popular blog posts of 2021.
A smart and simple way to save money on childcare – like wages paid to a nanny – is through a Dependent Care FSA offered through your employer. With many companies now holding open enrollment periods, now is the time to understand how they work and reduce your taxes.
The 2022 nanny tax threshold will be $2,400, a $100 increase over this year’s mark. If a household worker like a nanny, housekeeper, private teacher, or senior caregiver, earns $2,400 or more in cash wages next year, Social Security and Medicare taxes, must be paid by the family and the employee.
Summer is a popular time for minimum wage rate increases that apply to nannies and other household employees. It’s important to check the rate you’re paying a household worker to make sure it is not a wage violation. Rates are on the rise in several states and cities across the country.
The pandemic, staffing shortages, and tax law changes have all helped create a massive backlog in resolving tax notices as well as processing income tax returns and estimated tax payments. What can household employers expect?
President Biden is proposing unprecedented funding for the IRS to reduce tax evasion and better conduct audits of wealthy Americans. The administration wants to use money raised from cracking down on tax avoidance to help fund the new social programs of the American Families Plan.
Virginia’s minimum wage rate, which has been the same as the federal rate for several years, is set to increase in 2021 and then periodically for the next few years until it’s tied to inflation beginning in 2027.
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