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How Much Does A Nanny Cost?
Determining a Legal, Fair, and Attractive Nanny Pay Package As a parent, finding the right nanny or babysitter to care for your children is a top priority. In addition to vetting and selecting the perfect caregiver for your children, you have to make an attractive offer to try and hire the nanny. Compensation for the...
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Household Employees: Understanding the Rules
If you employ domestic workers like nannies, housekeepers, senior caregivers, private chefs or other in-home staff, it’s important to understand your responsibilities as a household employer and properly classify workers as household employees vs. independent contractors. Determining Employee vs Independent Contractor The Department of Labor recently updated its guidance on classifying workers, looking at factors… Read more »
Nanny Tax Deductions for Household Employers
As a family with household employees like a nanny, private senior caregiver, housekeeper or other domestic workers, you may be eligible for several tax deductions related to their employment costs. Taking advantage of these nanny tax deductions for household employers can provide substantial tax savings. Dependent Care Account If your family has a Dependent Care… Read more »
The Ultimate Nanny Tax Checklist for Household Employers in 2024
Congratulations! You are a household employer. Here's your ultimate nanny tax checklist. As a household employer, staying compliant with nanny tax rules is crucial in 2024 and beyond. When you become a household employer you also have payroll tax and reporting obligations, the so-called nanny taxes. The family, and not the nanny, is ultimately responsible...
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Senior Home Care: How Financial Professionals can Advise Clients
State of senior home care Senior home care is a hot topic these days with aging Baby Boomers and the challenges of finding appropriate care for loved ones. More and more families today are looking to hire in-home health care workers to assist with aging parents that are living with ailments or facing serious mental… Read more »
How Do You Manage Trustee Risks with Private Caregivers?
As a trustee, do you manage or issue payroll to a beneficiary’s caregiver? This type of employment situation requires that you understand and recognize the importance of legal and tax obligations that this brings to the trust as well as you as the individual trustee. If you’re the trustee, you’re automatically held to a high standard...
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HWS MemberPage FAQs
HomeWork Solutions, Inc., December 2023 PLEASE NOTE: All Form 1040 and Schedule H line numbers refer to the forms for the tax year 2023 in these annual payroll tax filings questions. How do I distribute the many copies of Form W-2?Complete and Essential Payroll Clients: Your Employee W-2 forms are available for distribution in your...
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Why Aren’t Arizona State Taxes Withheld from My Paycheck?
Arizona does not allow withholding to be deducted or retained from wages paid for domestic service in a private home. This does not mean that AZ income taxes are not due on these wages, it simply means the employer is unable to withhold and remit them for their household employees. If my employer cannot withhold my… Read more »
Hawaii Insurance Requirements for Employers
In addition to federal requirements, household employers may also have state, or even local, labor and tax requirements. In HI, one such requirement is all employers (household employers included) are required to provide health insurance coverage to their employees, if they are not already covered. Below are the answers to frequently asked questions about this… Read more »
Home Care vs. Nursing Homes
Taking care of your parents as they age is a reflection of the bond you've developed throughout your lifetime. Depending on their health conditions, Mom or Dad might need constant assistance to help manage everyday tasks. Though in-home care and moving your loved ones to a nursing home are both suitable care options, you'll need...
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