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Employer Issues
Reply to "why are my taxes going up when I report nanny wages?"
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[quote=Anonymous]PP again. Maybe I misunderstood your question. Here's a quick way to estimate what you should be paying in extra for nanny tax. Look at your nanny's w-2. You pay in double her ss withholding, double her Medicare withholding, and all of her income tax withholding. There's some extra for federal unemployment, but turbo tax calculates and gives you that number explicitly. If your quarterly payments (or extra withholding -that's how we do it) are less than that, you are paying in too little. If they are not, I'd double check your turbo tax entry.[/quote]
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