December 28, 2007, Newsletter Issue #95: Nanny Tax Calculator

Tip of the Week

You can access several nanny tax calculators on-line. These tax calculators will help you determine how much tax you should pay the federal government for your nanny's employment. You must pay nanny taxes on any amount over $1500 that you pay your nanny per one calendar year. Nanny tax calculators typically require the following information:

Pay DateWeekly Gross Wages-Amount paid nannies per week before taxes are withheld.Pay Schedule-How often will your nanny be paid.?Nanny Withholding Rate-Single or married withholding at the higher single rate or married. Withholding Federal Income Tax-Answer yes or no. Withholding State Income Tax-Answer yes or no.State of residence.

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