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Employer Issues
Reply to "First time employer - seeking advice for payroll and tax"
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[quote=Anonymous]You're going to need to register your own federal and state tax IDs as a household employer, not a business. You should also look into the required tax returns you will need to file monthly and/or quarterly (per your state's requirements) and the deadlines, as a household employer. At minimum, Social Security and Medicare taxes must be withheld from your employee's wages unless you are willing to pay them on her behalf, in addition to your own employer taxes (Social Security, Medicare, State and Federal Unemployment insurance). You will need to produce a W-2 to the employee if she is paid $1,900 or more in the year, and you will also need to produce and file a Schedule H with your own personal return as an employer. It can be extremely complex, and most people decide after they handle this process themselves to take the service route. GTM is highly recommended if you want it all taken care of for you, the right way.[/quote]
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