New W4 for 2020: What You Need to Know to Get it Done Right
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New W4 for 2020: What You Need to Know to Get it Done Right
Topics: filing taxes, tax return, W-4, W4, IRS, taxes, 2020 taxes
Getting sick can really throw busy families a curveball. It can get especially difficult if your family caregiver is sick. No one has time to get sick, but unfortunately, it does happen. Here are some of the important must-knows about understanding the legal parameters of giving your nanny or senior caregiver designated sick time.
Household employee payroll is a legal imperative, as well as the right way to treat your valued household employee. Although it is necessary, it is often a headache and a hassle. You can combat the hassles of household payroll by outsourcing to specialists. There are a number of benefits to outsourcing household your payroll needs, including the five listed below.
When you hire a nanny, senior caregiver, or other household staff, you immediately become an employer subject to all tax and labor laws in force. Unfortunately, the intimacy of the relationship can often induce the parties to cross legal boundaries, and these actions can eventually get the family into hot water.
Updated 31 December 2019
Every year HomeWork Solutions prepares a "what's new or changed" roundup of household employment tax laws and benefit information.
The IRS annually reviews, and adjusts as necessary, the wage payment threshold that obligates a family to pay Social Security and Medicare taxes and issue employees W-2 forms. This threshold will increase to $2200 for 2020, the first increase in 3 years.
As a nanny, you are required to wear several different hats: authoritarian, event planner, cook, playmate, and more. During your employment, you may also be asked to step in to be an overnight nanny occasionally. If you are okay with adding occasional overnight stays to your job duties, be sure to talk about this at the time you are first hired.
WE BELIEVE THAT LEGAL NANNY PAYROLL:
Today's families want to assist their aging loved ones to safely age in place, and increasingly hiring senior caregivers to provide care and support is the ideal solution. There are many misunderstandings and misconceptions about the relationship with the caregiver and their payroll deductions. Many people think that their caregiver is not an actual “employee” and that they can just pay them in cash and call it good. Hiring a caregiver, for your aging loved one, whether they are an live-in caregiver, or one that works a set number of hours per day, means that you will need to understand the importance of senior care payroll deductions. Here are some must-knows about paying your senior caregiver.
At some point, your aging parents will need help that you cannot provide. Whether it’s a full-time person to live with them that provides meals and administers medication, or someone that stops in daily to provide basic caregiving, a senior caregiver plays an important role helping mom or dad stay healthy and as independent as possible in their own home.
Topics: senior
Nanny shares allow a nanny to care for children in more than one family and it can be a wonderful solution for working families in need of reliable childcare at an affordable price. Generally, two families (sometimes more), will work together to hire a nanny, splitting the cost of the nanny’s full-time work. While the pay is one of the most important parts to remember when using a nanny share, there are other key factors to include in your planning.
Topics: nanny