When you’re looking to hire a nanny and determining how much you want to pay, you should also factor in the cost of hiring a nanny payroll service. A nanny payroll service will make sure that you have everything you need covered in terms of taxes, payroll deductions, and benefits for your new nanny, and will be a resource to you when you have questions. With a household payroll service, you will have peace of mind that hardworking household payroll specialists are working to get things done right the first time.
Nanny Payroll Services Vs. Other Methods:
When you hire a specialty household payroll service, you outsource all the complicated deductions and the payroll service direct deposits your nanny's pay check every pay day. The service professionals will handle all of the tax details – it’s as simple as that. If you were to do it all yourself, you would have to spend time calculating what the taxes are and where they should be allotted. The IRS estimates this is 50 - 60 hours a year for household payroll. This can take a lot of additional time every week – time that you probably don’t have. Household payroll specialsts are on hand as your consultants, helping you to avoid common errors common to household employers. All this for about $15 a week. A small price for the peace of mind.
If you hire an accountant, they may be able to answer some of your questions, but most don’t provide household payroll services and their tax only services will usually be at an hourly rate, typically two to three times the cost of an automated nanny tax service. In addition, most accountants don’t specialize in household payroll and employment law and if you have a bit of a tricky situation and they need to research the solution, this can add extra time and ultimately, hefty additional fees to your bill.
Benefits of Nanny Payroll Services:
Families that privately hire a nanny or caregiver can benefit greatly from outsourcing the the household payroll. Not only is there confidence that taxes will be calculated correctly and filed on time, but families are given exclusive access to the knowledge and know-how that comes with a team of experienced household payroll specialists. Need advice or you want a direct deposit set up for your employee? Payroll services can provide everything needed to make the process of payroll and tax filing seamless.
By hiring a household payroll service to do all the work for you, you will save up to 80 hours per year and you’ll know that things are done right. Prices start at just $140 a quarter. Not sure which plan is right for your specific situation? Contact us today to find out which services you need and which package will work best for you. We’re glad to help!