Wednesday, September 25, 2013

Term of the Day: Nanny Tax

September 25, 2013
Nanny Tax
A federal tax that must be paid by people who hire household help (a babysitter, maid, gardener, etc.) and pay them a total of more than a specified threshold amount during the tax year. The reason the IRS charges the nanny tax is because it considers an ongoing household helper to be the taxpayer's employee. As such, the taxpayer becomes an employer and must pay Social Security, Medicare and federal unemployment taxes on the wages paid to that employee. There may be state-level nanny taxes as well.
Investopedia Says:
Another way for taxpayers to avoid dealing with the nanny tax is by hiring household help through... Learn More
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