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If you employ a nanny, senior caregiver, or other household worker, it’s essential to stay informed about payroll tax obligations — especially the FUTA Credit Reduction, which can impact the amount of federal unemployment tax you owe. If you’re not familiar with this term, don’t worry. We’re here to explain what it means, how it works, and how it might affect your payroll in 2024.
Topics: nanny, senior, CPA, Household payroll compliance, FUTA Credit Reduction
When managing household payroll, many people wonder if they should set up a Limited Liability Company (LLC) for additional protection. While the idea of an LLC can be appealing, it’s generally unnecessary for household employers and often doesn’t provide the legal or financial protection you might expect. Here’s why setting up an LLC is usually more trouble than it’s worth for household employment.
Topics: nanny, senior, CPA, Should I set up an LLC for household payroll, paying a nanny, household LLC, Managing household payroll taxes, Household payroll compliance