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From a new tax reporting rule to understanding guaranteed hours and banking hours, here are our most popular blog posts of 2022.
What was on the minds of household employers this year? We reveal our top 10 most popular blog posts from 2022.
Whatever the interest, GTM Payroll Services was there every step of the way providing guidance so families and nannies could make smart, informed choices.
10. How to Catch up on Nanny Taxes
Whether you put off nanny taxes until now or are just realizing you have a household employment tax obligation, now is the 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. Read How to Catch up on Nanny Taxes.
9. Why Banking Hours for Your Nanny is a Big Mistake
There are two terms that are somewhat unique to the household employment industry: guaranteed hours and banking hours. While they’re interrelated, the first is an industry-standard and the latter is illegal. Here’s why. Read Why Banking Hours for Your Nanny is a Big Mistake.
8. What to Say to a Nanny Who Wants to Be Paid Under the Table
The awesome nanny you plan to hire wants to be paid off the books. You know the risks but do you take a chance and go along with your nanny? Nannies, however, often don’t see the bigger picture when it comes to being paid legally and what benefits (both immediate and long-term) they may be missing. Read What to Say to a Nanny Who Wants to Be Paid Under the Table.
7. Should Wealthy Families Fear New Tax Reporting Rule on Mobile Payments?
A new tax reporting rule on mobile payments – aimed at businesses that underreport their income – may be having an unintended impact on wealthy families. Here’s why and how household employers should respond. Read Should Wealthy Families Fear New Tax Reporting Rule on Mobile Payments?
6. How Much are Nanny Taxes?
What can you expect to pay in taxes when you hire a nanny? While all household employers pay taxes to the IRS, your total nanny tax obligation will depend on your state. We break it all down so you can understand how much you may pay in nanny taxes. Read How Much are Nanny Taxes?
5. How to Pay Nanny Taxes Yourself
When you hire someone to work in your home, you become an employer. And with that designation comes employment tax responsibilities, commonly called “nanny taxes.” There are a few ways to tackle this including doing it yourself. If you’re ready to take this on, here are 7 steps to paying nanny taxes yourself. Read How to Pay Nanny Taxes Yourself.
4. 10 Nanny Tax Forms Every Household Employer Needs to Know About
Being a household employer comes with a fair share of paperwork. Getting set up as an employer, withholding and remitting nanny taxes, and taking care of year-end taxes all require forms to be filled out by you and/or your nanny. Here are the 10 nanny tax forms every household employer will need. Read 10 Nanny Tax Forms Every Household Employer Needs to Know About.
3. How to Reduce Your Nanny Taxes
You figured out much you owe in nanny taxes when you employ someone to work in your home. Now the good news! Here are five ways to reduce your nanny taxes that can save money for both you and your employee. Read How to Reduce Your Nanny Taxes.
2. What are Guaranteed Hours for a Nanny?
Guaranteed hours for a nanny, an industry-standard in household employment, are the set number of hours your caregiver will be paid each week. Here’s how guaranteed hours work and why they benefit your nanny and your family. Read What are Guaranteed Hours for a Nanny?
1. New Tax Reporting Rule May Change How You Pay a Nanny or Babysitter
UPDATE: The IRS has delayed the implementation of this new tax reporting rule. Receiving payment for services via a mobile app won’t generate a Form 1099-K if these payments totaled more than $600 in 2022. The new rule will begin with mobile payments received in 2023. Read more.
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. Read New Tax Reporting Rule May Change How You Pay a Nanny or Babysitter.
Start 2023 the right way
Make the new year truly happy for you and your family by letting GTM Payroll Services manage your household payroll and tax responsibilities. That will be one less thing on your mind as we continue to navigate life during the pandemic. To learn more, call (800) 929-9213 and receive a complimentary, no-obligation consultation with a household employment expert. Or schedule time with us at your convenience. We’ll be happy to answer all your questions about hiring and employing someone to work in your home as well as your tax and payroll obligations.
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