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Nanny Tax Threshold Increases 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.
Why it’s a Bad Idea to Pay a Nanny Half on and Half off the Books
For a few reasons, like qualifying for a health insurance subsidy or taking home more money, a nanny may want to be paid half on and half off the books. This may seem like a reasonable compromise especially if you like the caregiver. Plus, you save on taxes too. Everyone is happy. Right? Here are four key reasons why this is a bad idea even if well-intentioned.
How Do You Pay Taxes in a Nanny Share
As with any other household employment, taxes in a nanny share arrangement will be owed by the families and the caregiver. We’ll answer 5 key questions to give you everything you need to know about how to pay taxes when forming a nanny share.
How the American Rescue Plan Impacts Families, Nannies
The American Rescue Plan – a $1.9 trillion pandemic relief package that includes expanded tax credits, additional stimulus checks, extended unemployment benefits, and more – is now in effect. Here’s how this landmark legislation will impact families and nannies.
Unemployment Fraud: How Families and Their Employees Should Respond
Scammers are using the pandemic to commit unprecedented levels of unemployment fraud. Here’s what to do if you or your employee is a victim.
