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Reply to "Tax implications when you hire a nanny?"
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[quote=Anonymous]From a $ basis the major tax is FICA/Medicare, where both employer and employee pay 7.65% of salary. There's also state and federal unemployment, but it tends to be more like 2%, paid only by employer. The nanny will owe income tax; legally you can decide not to withhold state and federal income tax but if you do that the nanny would be required to file estimated taxes on a quarterly basis. It takes a bit of work to get set up to do it yourself, but it's not that hard-- most things are online now. There are several services that will help you, which might range from $20-100/month or more, depending on whether you are using basic software or a full nanny tax service.[/quote]
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