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Understanding senior care payroll deductions

Posted by HomeWork Solutions on Dec 3, 2019 4:17:00 PM

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.

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Topics: senior, CPA

Creating your Caregiver Team

Posted by HomeWork Solutions on Nov 26, 2019 4:00:00 PM

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.

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Topics: senior

Nanny Shares: More Than $10 + $10

Posted by HomeWork Solutions on Nov 19, 2019 4:01:00 PM

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.

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Topics: nanny

Philadelphia Enacts Domestic Worker Bill of Rights

Posted by HomeWork Solutions on Nov 14, 2019 2:38:59 PM

The City of Philadelphia joins 10 states and two other cities with legislation known as a Domestic Worker Bill of Rights. This legislation is part of a decade long community level movement nationwide to establish basic worker protections to the growing domestic services industry. While the numbers of nannies and housekeepers remains stable, the in-home senior care component of the domestic services field continues to experience vigorous growth as aging baby boomers overwhelmingly prefer to "age in place," therefore requiring senior caregivers to help them remain safe and independent.

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Topics: nanny, agency, senior, CPA

More than a Good Book - Reading with Children

Posted by HomeWork Solutions on Nov 12, 2019 4:23:00 PM

Books are a window to different worlds and a way for your child to dive into the depths of their imaginations. The benefits of reading to children extend to various areas of life. Some of the benefits of regular reading include helping increase your child’s vocabulary, while promoting longer attention span, builds listening skills, and helps your child discover things in unique ways. Reading helps children develop their language which will help not only with their speaking, but with their writing. Children love the sound of language, even from the womb. So, cultivating a love for stories and books of all kinds is key to their development. There are a variety of wonderful books out there to choose from, but here are some tips on picking books that resonate with children.

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Topics: nanny, agency

Why not pay my nanny partly on and off the books?

Posted by HomeWork Solutions on Nov 5, 2019 4:00:00 PM

You’ve hired a nanny and now comes the details of getting payroll set up with proper taxes withheld. It might seem like a good idea to pay your nanny partly on the books with the rest of payments off the record, because it could save you on taxes while still contributing to her work history. However, there are a variety of reasons you should not go this route, which we cover here.

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Topics: nanny, agency, CPA

New Tax Advantaged Health Insurance Options for Household Employees

Posted by HomeWork Solutions on Oct 29, 2019 4:00:00 PM

The health insurance marketplace continues to change, and starting 1 January 2020 employers of nannies, senior caregivers, and other household employees will have a new choice for assisting or supporting their employees with their health insurance and other health care expenses.

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Topics: nanny, agency, senior, CPA

Understanding Unemployment Tax

Posted by HomeWork Solutions on Oct 24, 2019 10:00:00 AM

All employers in the U.S. have to pay unemployment tax. There are two versions – Federal and State. Federal unemployment tax (FUTA) is charged at a rate of 6% on the first $7000 in wages paid to an employee, in most cases though that rate is decreased to 0.6% (explained more below). State unemployment tax (SUTA) is handled in a similar way but each state controls their own rate and wage threshold.

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Topics: nanny, agency, senior, CPA

Household Workers - Employees or Contractors?

Posted by HomeWork Solutions on Oct 22, 2019 3:38:00 PM

Household employees provide a valuable service to homes around the country, but when it comes to paying the person and adhering to proper tax laws, it can get confusing. Your role as a CPA or financial advisor is valuable, as you can explain some of these laws and answer questions on some of the basics. It is important to note that nannies, senior care professionals, private housekeepers, or personal assistants are not independent contractors and cannot be paid as such. Household employees are exactly that: employees.

It is important to note that nannies, senior care professionals, private housekeepers, or personal assistants are not independent contractors and cannot be paid as such.

 

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Topics: CPA

Watch Out For These Tax Scams

Posted by HomeWork Solutions on Oct 17, 2019 10:00:00 AM

According to the IRS, thousands of people have had money and personal information stolen through tax-related scams. Scammers are getting more refined, making it harder than ever to separate real correspondence from fake. Here are two of the more popular tax-related scams the IRS has seen this year.

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Topics: nanny, agency, senior, CPA

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