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Nanny tax, something to consider

Nanny tax is a very real part of finding and hiring a nanny for your family. You have to pay nanny tax just like anyone else who has an employee within his or her home. Some people think that they can safely get away with paying a nanny under the table. This way they cut out the payroll costs. However, paying your nanny in this manner is a very risky affair, if you are caught out by the tax man, you face heavy penalties.

Upon being found guilty of nanny tax evasion you will be liable for both your and the nanny’s back tax. You will also be liable for the monetary penalty fees and interest charges. Not only that, you could stand a chance of criminal prosecution. Evading nanny tax by not filling it in on your tax form is perjury. Thus, it is in your best interest to pay your nanny tax if you employ a nanny in your home.

A helping hand

Paperwork is a huge part of paying your nanny tax and it is unavoidable. However, you do not need to tackle that mountain of paperwork alone. If you go about hiring a nanny then consider getting Nannywage to handle your payroll and nanny tax for you, so you don’t have to worry about it.

They will do all the calculations and keep everything running smoothly. Nannywage take the pain out of paying your nanny tax.

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Nanny Jobs |  Find a Nanny |  Nanny Tax