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If your employer uses GTM for payroll, there is a 401K plan available to you. Your employer would match up to 3% of your contribution. It's completely your plan which means it would be transferrable between employers should you change employment.
Hopefully the payroll company that your employer is using told them that as a non-exempt employee, you're covered by wage and hour laws and eligible for overtime if you work over a certain number of hours per week. That is much easier to track if you're paid weekly or even bi-weekly. Some states require weekly.
GTM Payroll Services can help you. www.gtm.com It's a full service option with online account management and tax processing services It's a much different service than a do-it-yourself one like Intuit.
The post above is absolutely correct. You would need to verify through receipts that the amounts you provided her matched what was purchased or it would be included in her taxable income.
In response to your questions -
1) All salary needs to be reported and payroll taxes need to be withheld, correct?
Yes, this is correct. Cash bonuses must also be included in her income and taxed. You do have the option of withholding just social security and medicare tax and not her income taxes which would allow her to take home more money at the time the bonus is given.
2) Is our nanny's compensation par with the market in NW DC?
I don't know the specifics of how your compensation package compares to others in your area however, I do know that he compensation package you offer is a good one.
1) All salary needs to be reported and payroll taxes need to be withheld, correct?
Yes, this is correct. Cash bonuses must also be included in her income and taxed. You do have the option of withholding just social security and medicare tax and not her income taxes which would allow her to take home more money at the time the bonus is given.
2) Is our nanny's compensation par with the market in NW DC?
I don't know the specifics of how your compensation package compares to others in your area however, I do know that he compensation package you offer is a good one.
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