Many, many nannies and senior caregivers have a routine work week that exceeds 40 hours a week. Presuming that the employment situation is long term, most families agree to specific paid holidays. Exactly how does a paid holiday impact the weekly overtime calculation?
If an employer withholds federal taxes from an employee (income and/or FICA) they must be remitted to the IRS timely. If not, you can face hefty penalties and the IRS can come after individual people in a corporation.
Nannies and babysitters – a lot of people use these terms interchangeably, but they in fact are quite different. While it is true that both provide similar services – taking care of children in a parent’s absence – there are some important reasons why there are significant differences between a nanny and a babysitter.
Many people look to move to another state in retirement. There are lots of good reasons to do this but make sure to check the tax obligations first. Here are some tips to think about before moving.
Topics: CPA
Employee incentive plans are a great way to motivate staff and help foster overall organizational growth. Sometimes they are pretty simple, but they can get complex and troublesome quickly. Here are some things to think about to start from a solid foundation.
The tax year 2018 audit stats are out and the IRS has revealed that fewer taxpayers were selected for audits than in prior years. That doesn’t really matter though if you are one of the unlucky few! Also, things like not paying household employment taxes increase your risk of an audit. Let’s take a look at some numbers and strategies everyone can use.
If you own a business and need some extra help this summer you might want to look to your children. There are many benefits to hiring your kids – they get experience, they learn about earning and managing money, and you can get tax breaks.
At HomeWork Solutions we regularly consult with CPAs and other financial professionals about household employment. The most common questions we get go something like: “I have a client that hired a nanny and I don’t know what to do,” or, “If I remember my payroll class right from college I can just use a 1099 for this, right?” We’ve put together 7 things to know when a client brings this issue to you.
Topics: CPA
We don’t see discrimination claims too often in the household employment world but staffing agencies and CPA firms are more vulnerable. In 2018 there were 76,418 claims made to the Equal Employment Opportunity Commission with a price tag of $505m to employers. Here are some tips to help keep your name off that list.
If you employ someone to work in your home such as a nanny or a housekeeper, they are your employee and you are required to treat them as such. As an employer, you are legally required to ensure that their workplace is safe. Unfortunately, accidents happen sometimes, and you will need to be prepared. Having a worker’s compensation policy in place will ensure that your employee will be compensated for any medical care that is needed, including rehabilitation and/or lost wages due to an injury or medical procedure that happened while they were on the job. In addition, your worker’s compensation insurance will help protect you from lawsuits that could happen as a result of an accident at the workplace. Here are some additional reasons that show the importance of worker’s compensation insurance.
