Claiming a Health Insurance Credit for Your Nanny
What expenses count for the health insurance credit? Only premiums paid to a health insurance company or HMO count for purposes of the credit. This includes major medical plans and Continue Reading →
Category Archives: Nanny Tax
Can I Deduct Health Insurance Premiums for My Nanny?
Yes, for tax years 2010 through 2013, the maximum credit available is 35% of your eligible insurance premium. The following three conditions need to be met: You must have fewer Continue Reading →
Child Tax Credit
Can I take a credit for child and dependent care expenses? Yes, you can take a credit of up to 35% of your expenses as long as your child is Continue Reading →
How Do I Pay the Nanny Tax?
How do I pay the nanny tax? You can avoid owing tax with your return if you pay enough during the year to cover your household employment taxes, as well Continue Reading →
How Much is the Nanny Tax?
How much is the nanny tax? The nanny tax is composed of employment taxes (Social Security and Medicare) and Unemployment (Federal and State). In 2013, the combined rate for employment Continue Reading →
Hiring Your Nanny
What do I need to do when I hire a nanny? 1. Request an Employer Identification Number (EIN). 2. Have your employee fill out a W-4 if you plan to Continue Reading →
About the Nanny Tax
What is the nanny tax? The nanny tax is an employment tax. It consists of Social Security, Medicare and unemployment (federal and some states) for those workers you employ in Continue Reading →
Do You Have a Household Employee?
If you hire someone to do household work for you the key element to determining if they are an employee is if you control what work is done, and how Continue Reading →