Tag: social security

2018 Nanny Tax Threshold Increases

By A New England Nanny 6 0

The Social Security Administration recently released its employment coverage thresholds for 2018. Social Security and Medicare taxes (commonly referred to as “nanny taxes”) must be paid by the family and the employee for any household workers, such as nannies or housekeepers, who earn $2,100 or more in cash wages in 2018. This is a $100 […]

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Proposed Regulations to Help Prevent Identity Theft

By A New England Nanny 8 0

Fresh off the recent Equifax breach , the IRS has proposed regulations that may help individuals prevent identity theft when it comes to their W-2s. The proposal would allow truncated Social Security numbers (SSNs) on Form W-2 in the form of Taxpayer Identification Numbers (TTINs), which would hide full SSNs from identity thieves. Employers would be permitted […]

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New Deadline for Filing Your Nanny’s W-2

By A New England Nanny 7 1

Employers – including household employers – will need to file their employees’ W-2 forms much earlier next year than in previous years. The Protecting Americans from Tax Hikes (PATH) Act of 2015 was signed into law last December, and among the many provisions is a new W-2 filing deadline for employers’ 2016 forms. That deadline for submitting […]

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Nanny Tax Threshold for 2016

By A New England Nanny 8 0

The Social Security Administration (SSA) announced yesterday that the nanny tax threshold for 2016 will increase to $2,000, up from $1,900 this year. This affects all employers of domestic workers – if you pay your employee at least $2,000 in 2016, you are required to pay Social Security and Medicare taxes (also known as FICA […]

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