Reply to ISO Advice - Twins Arriving in 2015!

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[quote=Anonymous]First, it will be expensive. Take whatever you feel comfortable with, and double that in your mind. But, then subtract the cost of daycare for three kids; the marginal cost shouldn't be that much, and remember that this is temporary. You'll only have very young children for a few years, not forever.

Costs: Three children, including twin infants, in the DC area, for a nanny with "a lot" of experience will cost you $20-$25/hr and up (if you want the kind of experience that's already making a lot more). The $20/hr rate would be if you live further out from the city, or are willing to hire someone with fewer credentials.

Taxes: Required. Look up the IRS rules about domestic employees. Taxes, unemployment insurance, and worker's comp (all required) will add about 10-11% of the payroll to your overall cost.

Benefits: Basic benefits are two weeks paid vacation, usually one week your choice, one week their choice; guaranteed hours (you pay even if you don't need them on a particular day); some number of sick days; some paid holidays. "Cadillac Plan" benefits: unlimited sick days, all federal holidays paid plus any day the parents are off, health insurance coverage, a car.

Using an agency: An agency in the DC area will charge you about 15% of the annual payroll when you hire someone. You may also pay an annual fee of about $300, and they may charge to set up interviews (I was shocked at that charge, since they were going to get their fee at the end). The advantage is that they do a lot of the prescreening, try to match you with a nanny who will fit your family, and will provide emergency/nanny vacation coverage.[/quote]

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