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Nanny Payroll
If you’ve found a good nanny, the next issue is how to pay one. Nanny payroll agencies are services provided to household employers that calculate and prepare pay checks for the employees and payroll taxes returns for the employers. Because of the complicated nature of payroll and payroll tax returns, it is advisable to hire a payroll service to help you.
Is a Nanny Tax and Payroll Service right for you?
As a household employer, your primary goal is organizing your home. Spending hours preparing payroll and the required payroll tax reports can be counter productive. When you add on the risk of penalties and interest for incorrect tax reporting, it is not hard to make the decision to hire a payroll preparation service!
Is a Nanny Tax and Payroll Service right for you?
The benefits of hiring a payroll service like GTM Payroll Services to handle your nanny payroll are great. While service companies will provide different levels of service, you will often be relieved of the following burdens: payroll preparation, tax deposits, quarterly tax reporting, HR laws and regulations and annual tax reporting.
The burden of preparing payroll by itself is enough to hire a provider! After you’ve calculated your nanny’s gross pay for the period, you have to determine federal and state withholding amounts as well as FICA and Medicare tax withholding. I’m sure you can imagine the complicated nature of looking up all the different tax withholding tables. Often, the nanny payroll service provider will have software that can calculate the net pay directly. Most of them will be able to provide direct deposit services at little or no cost.
Nanny Taxes
Federal payroll tax deposits are required both monthly and quarterly. Federal withholding, FICA and Medicare taxes need to be deposited monthly while Federal Unemployment taxes get deposited quarterly. Wouldn’t you rather have someone calculate those amounts for you? Some service firms will even process the deposit transaction for you.
Quarterly and annual reports typically require more time than the corresponding tax deposits that you are reporting on the forms. We all know that Federal government forms don’t exactly appear to be logical. Why not hire a nanny payroll firm to handle all the form preparation for you? This will allow you to focus on your home. Leave the worry of form calculations and deadlines to the folks who do that work for a living!
Nanny Payroll Calculator
To get an idea to what is involved in employing a nanny and your responisbilities for payroll and tax collection, plug your numbers into a nanny payroll tax calculator.
[ Free Nanny Payroll Calculator ]
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