When you hire someone to work in your home, you become an employer. And with that designation comes employment tax responsibilities, which are commonly called “nanny taxes.” So how do you pay nanny taxes and make sure everything is correct? 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.
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.
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.
Hiring household employees comes with responsibilities and legal obligations. Understand the essential aspects of hiring household employees, employment taxes, and how to ensure a smooth and lawful employment relationship.
With complex tax, wage, and labor laws, there is a lot that goes into paying your nanny. Rather than take on the stress and burden of paying your nanny legally, not to mention the time involved, many families sign up with a nanny payroll service. Here’s how to find the best nanny payroll services to make sure your nanny is paid legally and compliance is taken care of.
Get your free: Complete Guide to Household Payroll
Download our free guide and find out everything you need to know about paying your employee legally and filing your taxes.
.
800-929-9213