Tag: taxes

2018 Nanny Tax Threshold Increases

By A New England Nanny 51 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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Nanny Tax Compliance Infographic

By A New England Nanny 73 0

Mistakes or misinterpretations of nanny tax compliance laws can mean IRS audits, thousands of dollars in fines and penalties or an employee lawsuit. Our friends at GTM Payroll Services have created this handy infographic that highlights what you need to do to maintain nanny tax compliance. Click the image below to view a larger version.

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Steps to Comply with Nanny Tax Requirements

By A New England Nanny 64 0

If you are hiring a nanny or other household employee, it’s important to understand your obligations as a household employer. You must file all applicable nanny tax forms, Social Security, Medicare, federal and state unemployment insurances, and income taxes. These obligations apply to all full-time and part-time employees that you expect to pay over $2,100 (2018) […]

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Paying a Nanny Through Company Payroll

By A New England Nanny 47 0

Q: I own a business. Can I pay my nanny through my company payroll? A: While it may be tempting to do so, it is illegal, in most cases, to pay a household employee on a business payroll. The legal basis for keeping business and household payroll separate, according to the IRS, is that businesses can receive a tax […]

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Paying Nanny Taxes: Not Just for Cabinet Nominees

By A New England Nanny 62 0

Following the presidential election in November, new potential Cabinet members have been going through the nomination process in the Senate. Two of those nominees have come under fire for issues relating to the hiring and paying of household workers. President Trump’s choice for White House budget director, Mick Mulvaney, failed to pay more than $15,000 in household payroll taxes, jeopardizing […]

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Nanny Taxes Made Easy in 13 Steps

By A New England Nanny 57 0

This is the time of year when many household employers are scrambling to pull together 12 months worth of pay and tax information so they can issue their employee a W-2, submit Form W-3 to the Social Security Administration and begin preparing Schedule H to file with their personal tax return. This is especially true […]

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Trump Moving Forward with Child Care Tax Plan

By A New England Nanny 40 0

As we posted in late 2016, President-elect Donald Trump has laid out plans to reduce taxes for those families paying for child care. Our friends at GTM Payroll Services now have an update on his plans and how they could impact household employers. As Inauguration Day draws near, we’re getting a clearer picture of President-elect […]

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Save Your Career Opportunity by Paying Nanny Taxes

By A New England Nanny 54 0

It seems like the career opportunity of a lifetime. The incoming president’s transition team is considering you for a position in his cabinet or a senior-level appointment in a government agency or even an ambassadorship. Or…it’s the chance you’ve waiting for your entire career. You’re being considered for partner in your firm or a C-level […]

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Year-End Tax Planning for Household Employers

By A New England Nanny 37 0

The end of 2016 is only about 2 weeks away, so it’s important that everything is in order to ensure there are no surprises when it comes time to pay your nanny taxes next year. We recommend not putting off or ignoring your 2016 year-end tax planning. It’s important to look at your finances and […]

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6 Reasons to Pay Your Nanny Legally

By A New England Nanny 43 0

It may seem easy to just cut a check or hand over cash to your nanny each week for her services. You don’t have to deal with tax calculations, forms and the hassles that come with being an employer. Your nanny may feel the same way. However, that’s a roll of the dice – for […]

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