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Updated 11 January 2021
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 $2,300 for 2021.
Updated 22 December 2020
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 $2,300 for 2021.
Healthcare open enrollment season is here, so we've asked our partners at Take Command Health to offer insights on why a Healthcare Reimbursement Arrangement (QSEHRA or ICHRA) may be right for you and your employee. Here is CEO Jack Hooper's take:
Topics: nanny agency, nanny, senior, CPA, HRA, Healthcare
When you first hire your nanny or caregiver, there are a lot of different action items that need to get set into motion. Defining wages, determining hours, setting up legal payroll and writing an employee contract are some of the primary things that need to be settled at the get-go. Investigating how to navigate tax breaks you might have when hiring an in-home employee is another big one. If you’re wondering if you can use your dependent care flexible spending account, here are some of the basic things you should know.
If you have recently started a position with a new employer, you’re probably learning about the different benefits that you’ve been hired with. Many household employers who do not offer group health coverage for their employees help pay for medical expenses through a Qualified Small Employer Health Reimbursement Arrangement (QSEHRA). When you negotiate this benefit with your new employer, it will help pay your health care costs for qualifying health insurance coverage. If you have never worked with a QSEHRA before, we’ll break down the important must-knows here.
Physical distancing. Shortened school years. Quarantine. Closed playgrounds and cancelled play dates. Boredom. Economic turmoil. Everyone wearing masks and gloves outside or in stores. Fear over loved ones getting sick.
The impact of COVID-19 has had far reaching effects. It has caused angst, sadness and people young and old alike are left grappling with the new world as we know it.
Topics: nanny, nanny payroll tax, nanny tax, agency, senior, CPA, Tax Holiday
There is no doubt about it: 2020 has been a year of surprise and change. Parents have had to get creative in how they care for and school their children, in addition to adjusting their own career schedules to make it work. Nanny shares and learning pods are two effective methods that parents are using around the country to provide quality education and care for their kids.
Topics: household employer, nanny, nanny tax, household payroll, agency, private educator, Learning pods
Nannies and families often negotiate a trial period at the beginning of a new job. The nanny trial period may be from several days to several weeks, depending on the arrangement. This essentially gives both parties the opportunity to learn a bit more about each other, and a graceful way to bow out of a longer term employment arrangement if either party feels this is not a good match.
There is currently a moratorium on au pair J visas, and families familiar with the Au Pair Program may be considering a nanny. Aren't they the same thing? While both positions provide childcare in the home, it’s important to understand what the differences are between the two. Knowing what they are will help you determine what the right choice is for your childcare needs.