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Reply to "Nanny salary as a percentage our household income - gross"
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[quote=Anonymous]The economic cost is higher than that, since nearly all of the nanny compensation is after tax (5k dependent care fsa). If your HHI is 200-250k you are paying a marginal rate of ~40% (7.65%payroll+5.75 if va+25%fed) on each dollar over 72k. That means that if you pay your nanny 42k, the cost to you is 75,355 (42k, plus 3200 in payroll taxes, plus 30k in taxes you had to pay on your income that went to the nanny) if you do your payroll yourself. We are at 195 HHI, our nanny is 23% of our gross, but the economic cost is really 39% of our gross.[/quote]
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