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If you think the “nanny tax” doesn’t apply to you, because you don’t have a nanny taking care of your kids, keep reading.
You see, you’re responsible for paying the nanny tax if you have a household employee such as a:
- Nanny
- Babysitter
- Live-in housekeeper
- Private nurse
- Driver… and so on
A little good news…
Yard-care workers, pool service guys, house cleaners, and others who provide services to the general public and just show up at your place periodically to help out are not your employees. Thank goodness!
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What exactly is the nanny tax?
The nanny tax requires you to withhold a household employee’s share of Social Security and Medicare taxes and also deposit the employer’s share of the taxes.
And that’s just for starters. You may also owe for Federal Unemployment tax (FUTA) on wages paid to a household employee.
Yes. The nanny tax casts a wide net and can quickly ensnare you if you don’t know what you’re doing.
The bottom line? By the time you figure out how to comply with this super-complex law, you may need a live-in, psychiatrically-trained caretaker.
Why not make things easy?
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