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2013 Nanny Tax Roundup

Posted by Vanessa Vidal, FPC on Dec 17, 2013 4:00:00 PM

2013 Nanny Tax RoundupCan you believe another year has flown by already?  And 2014 is right around the corner …

HomeWork Solutions wants to help you stay ahead of the game by summarizing important deadlines and considerations before you get caught up in the holiday festivities.

The following is a quick list of items that frequently cause unnecessary stress:

  • If you withhold (deduct) income taxes from your employee, ask your employee(s) to review their W-4 form.  Recently married?  Welcomed a new baby to the family this year?  Additional withholdings requested? Any filing status change must be reported ASAP.
  • Name changes – marriage or divorce frequently cause employee name changes. Make sure the name we have on file agrees with the employee’s current Social Security card.
  • Make sure we have current addresses for you and all of your employees. 
  • Year-end bonuses are taxable income and must be reported to HWS for proper inclusion in the employee’s W-2 form.

Important dates and considerations:

  • January 15th is the last day to make estimated Federal Payments for the prior tax year.  Be careful! After this date payments are applied to 2014 obligations! If you miss your last Federal estimated tax payment deadline, you will pay the tax with your annual personal income tax return. You cannot file “late” 1040ES payments.
  • January 31st is the last day to provide your employees with their W-2 Form.
  • Federal and State Unemployment taxes will begin to calculate with the first payroll of the year
  • State unemployment tax rates are updated annually.  Please forward to HWS any notification received from your state

You might already have these items on your To Do List; however the holidays can sometimes cause us to be distracted, so while it’s fresh in your mind why not take the time to go ahead and report any changes to us now!

Our knowledgeable and friendly staff members are available M-F from 8:30 am to 5:30 pm.  Don’t hesitate to contact us with any questions or concerns you may have. We are always delighted to assist you.   You can also always log in and report any changes to us online.  Our online services are available 24/7.

Nanny Payroll Guide to Household Payroll FREE DOWNLOAD

Vanessa Vidal
HomeWork Solutions, Inc.
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Topics: nanny w-2 form, nanny tax, nanny wage

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