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re: Preschool vs. Day Care TAX
Posted on 8/15/13 at 11:13 am to Salmon
Posted on 8/15/13 at 11:13 am to Salmon
quote:
that's not the babysitters responsibility come tax time?
Household employees require you to withhold SS/medicare along with paying FUTA. This is contingent on the amount being over 1800 a year for a single employee and over 1000 for futa. You are not required to withhold federal income taxes. You will also need to file with your state department of labor and pay the rate assigned up to your states limit.
With these withholding you will need to file an annual w-3 and provide your employee with a w-2.
IRS Reference
This post was edited on 8/15/13 at 11:16 am
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