The short answer to this question is maybe.
Retirement planning is a vital part of financial health. Many people use a Traditional IRA to help ensure a comfortable retirement (you can help your household employee too). Building an IRA during your working life is only half the consideration; you should plan for distributions as well.
In the spring of 2019 the Social Security Administration (SSA) started sending out “no-match” letters. These letters are to inform employers that the W-2 given to an employee(s) has information that doesn’t match the agency’s files. Specifically, the information in question is the employee’s name and Social Security Number (SSN).
If you are looking for a nanny to work with your family, you know that it takes a lot of time to review resumes and sit down with top candidates for interviews. Doing your research ahead of time and not rushing the process means that you will be able to find the person that fits best with your family. The interview process itself is very important, too, and there are some key topics that should be covered during that time.
Virtual currency has had a rapid rise in popularity and thus regulators are still trying to really figure out how to manage (tax) this new form of commerce. Some employers see this as an opportunity to capitalize on the gray area and potentially avoid some tax costs.
For household employers all the way up to midsize businesses, regulatory changes and administrative tasks can be an uphill battle. If you don’t have the staff to devote to these matters then it makes sense to outsource. The trick then is to do it right. This article touches on a few things to watch out for in the process of selecting a vendor/partner.
The changes to US Federal tax laws in 2018 created a lot of confusion, and many taxpayers did not realize that they were withholding too much tax or not enough tax until they prepared their 2018 tax returns this spring. Figuring out how much to have deducted from your paycheck has gotten more and more complicated over the years - in fact the Form W-4 will be modified in 2020 and it asks more questions than ever.
Our client, Michelle W. called us when she learned there was a problem caused by only reporting part of her nanny's payroll to New York for tax purposes.
You’ve found a nanny, negotiated wages, and she has started work in your home. Now comes the tricky part of figuring out her payroll tax deductions and issuing the pay stub. If you have never done this before, it can be challenging. Here are some of the main details that need to be remembered when it comes time to pay your nanny.
The U.S. Congress has once again brought up the idea of a national domestic workers’ bill of rights. The concept was briefly discussed in the fall of 2018 but has been renewed with additional enthusiasm. Basically, a national domestic workers’ bill of rights would lay out federal law concerning the treatment and rights of domestic workers (nannies, caregivers, housekeepers, etc.). A similar idea to the Fair Labor Standards Act, this law would focus specifically on domestic workers.