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If you've worked as a household employee and received your pay 'under the table,' you might wonder about your eligibility for Social Security benefits when you retire. The answer is not straightforward and depends significantly on your marital status, work history, and how your income was reported.
Topics: eldercare, nanny retirement, W-2, nanny, caregiver, Senior Caregiver Payroll, senior home caregiver, domestic worker, childcare
There are a lot of questions that surround taxes that families are required to pay for their nanny or senior caregiver and for most people, the process can be confusing and at times, overwhelming. Here, we answer some of the most commonly asked questions.
A: Household employers are required to issue a W-2 when cash wages in the year reach $1,900 (2015), or if the household employer has withheld income or payroll taxes. When wages do not meet the threshold and taxes were not deducted, a W-2 is not required.
I have told many of our clients that they are not the first person that we have helped when they were behind on their nanny taxes. I tell them that because it’s true!
Topics: household employee taxes, W-2, nanny payroll tax, nanny tax, nanny taxes
