By Steve Kania
One of the growing areas of payroll we see at SurePayroll is for nannies. You may not think you need a payroll provider just because you have a nanny, but the truth is failing to pay the nanny tax correctly can land you in a lot of trouble.
Fines, interest, penalties and back taxes can add up to as much as $25,000. If you or your clients are paying a nanny $1,800 or more per year, using a service like SurePayroll to ensure you are handling nanny payroll correctly and not taking any chances is well worth it
• Paying Social Security, Medicare, FUTA and other payroll taxes.
• Completing a 1040-ES as many as four times a year, as well as a Schedule H with your annual 1040.
• Providing a W-2 for your nanny at the end of the year.
If you’re a parent employing a nanny, it’s not worth the risk to let these requirements slide by.