Navigating Nanny Taxes

Stephanie Breedlove

This article, entitled "Navigating Nanny Taxes," is presented by HomePay.

Families are juggling more than ever these days. Between extended working hours, business travel, and jam packed after-school schedules, many parents are hiring an extra set of hands to help them with their childcare needs. Searching for and hiring this extremely important person is part of the equation. The other critical – and often overlooked – part? How to manage the tax obligations of being a household employer. It sounds tricky, but here’s the reality: it’s not.

Once you’ve found the right nanny for your family, it’s best to make sure the terms of your arrangement are spelled out in an agreement signed by you and your nanny. This “nanny contract” can spell out not only a detailed list of responsibilities and hours per week, but also specifics on salary, benefits and taxes.

In the interview below, Stephanie Breedlove, Vice President of HomePay and one of the nation’s foremost experts on household payroll, tax and labor law, discusses steps to successful household employment – from hiring right to relationship management.

Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
$cms.template("HTML5 Vibrant Media")