{"id":3782,"date":"2013-11-08T09:57:58","date_gmt":"2013-11-08T14:57:58","guid":{"rendered":"http:\/\/gtm.com\/household\/?p=3782"},"modified":"2020-06-22T12:22:12","modified_gmt":"2020-06-22T16:22:12","slug":"educational-assistance-employee","status":"publish","type":"post","link":"https:\/\/gtm.com\/household\/educational-assistance-employee\/","title":{"rendered":"Educational Assistance for Your Employee"},"content":{"rendered":"<p>There are many benefits household employers can offer their nannies or other employees; benefits serve as both a retention tool for current employees, as well as a recruitment tool for new hires. One of these benefits to consider is that of educational assistance.<\/p>\n<p>Although optional for you to offer, educational assistance for employees is beneficial in providing a satisfying workplace. Guidelines provided in your employee handbook may include: educational pursuits that will be covered (e.g., classes must be provided by an accredited educational organization and relate to the employee\u2019s occupation); the limit available for educational assistance per year; educational expenses that are covered (e.g., tuition only, tuition and books, etc.); and, what requirements your employee must meet to receive assistance (e.g., the employee must achieve a passing grade as defined by the educational organization). Also, you may consider paying for professional membership fees, industry conferences, or trade journal subscriptions.<\/p>\n<p>This education, as well as online learning courses that educate employees, help promote professional growth and elevate employee performance\u2014making the educational benefit a win-win proposition for both the employer and employee. It is important for you as a household employer to decide whether access to education is an important employee benefit, and if so, how often.<\/p>\n<p>For 2014, employers can claim up to $5,250 tax-free for employer-provided educational assistance; graduate-level course work is also covered. The IRS does state that employers who offer tax-free educational assistance are <strong>required<\/strong> to have a written plan describing the terms and benefits. This is why laying out an educational assistance plan in your handbook or <a href=\"https:\/\/gtm.com\/household\/learning-library\/nanny-contract\/\" target=\"_blank\" rel=\"noopener noreferrer\">work agreement<\/a> is essential. Read more about educational assistance tax benefits <a href=\"https:\/\/www.irs.gov\/publications\/p15b\/ar02.html#en_US_2013_publink1000193667\">here<\/a>.<\/p>\n<p>With these guidelines, you should also include information on the process your employee must follow for assistance. Consider whether your employee needs to:<\/p>\n<p>\u2022 provide you with a course description and a written request for assistance prior to the start of a class<\/p>\n<p>\u2022 obtain signed approval from you prior to the start of class in order to be reimbursed for expenses<\/p>\n<p>\u2022 achieve a specific grade or higher to obtain reimbursement.<\/p>\n<p>Be precise to ensure that your employee understands what is required.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are many benefits household employers can offer their nannies or other employees; benefits serve as both a retention tool for current employees, as well as a recruitment tool for new hires. One of these benefits to consider is that of educational assistance. Although optional for you to offer, educational assistance for employees is beneficial [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[82,85,78],"tags":[19,22,31,41],"class_list":["post-3782","post","type-post","status-publish","format-standard","hentry","category-employee-benefits","category-household-employer-policies","category-retaining-employees","tag-education","tag-employee-benefits","tag-household-employer","tag-nannies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Educational Assistance for Employees - GTM Payroll Services<\/title>\n<meta name=\"description\" content=\"One benefit for household employers to consider offering is that of educational assistance for employees.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtm.com\/household\/educational-assistance-employee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Educational Assistance for Employees - 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