Calculating nanny taxes is an important step when hiring an in-home caregiver for your children. It’ll help you understand your total budget for childcare beyond just the wages you’ll pay your nanny. Here’s what you need to know.
The IRS recently announced the cost-of-living adjustments for employer-sponsored retirement and employee benefit plans for 2024.
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.
A DCAP is an employer-sponsored program that helps you with the cost of dependent care expenses. Here are the costs that are eligible and ineligible for reimbursement under these types of plans.
One of the most common questions (and misunderstandings) surrounding household employment is whether a family can provide their nanny a 1099 at tax time and consider them an independent contractor rather than a household employee. The short answer is “no.” Here’s why and answers to other questions you may have.
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