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Childcare other than Daycare and Preschool
Reply to "Nanny doesn’t need us to pay her healthcare insurance anymore. "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Start a retirement savings for her?[/quote] This could save on taxes (over salary/bonus). Bonus is the worst as it is taxed the most for the nanny.[/quote] No it isn't. Withholding might be hired, but taxes wouldn't be affected.[/quote] With a SEP IRA, employer/employee saves on taxes. https://www.irs.gov/retirement-plans/operating-a-sep "You (employer) can deduct your contributions and your employees can exclude these contributions from their gross income. SEP contributions are not subject to federal income tax withholding, social security, Medicare and federal unemployment (FUTA) taxes." Bonus payments are taxed really high. And additional salary is (usually) taxed the same as salary (for both employer & employee). Not sure what you are talking about.[/quote]
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