NANNYCHEX PO Box 4276 Greenwood Village, CO

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1 Your 2014 Nanny Tax and Insurance Obligations SOCIAL SECURITY AND MEDICARE TAXES (FICA) Employer s and Nanny s Expense You are required to withhold Social Security and Medicare taxes when you pay a household employee more than $1900 during this year. The nanny pays 7.65% on her gross earnings. As the employer, you pay 7.65% of your employees gross wages. FEDERAL INCOME TAX WITHHOLDING Nanny s Expense Federal income tax should be withheld from each paycheck based on how your nanny completes her W-4. Although you are not required to withhold federal income tax for domestic employees, it is strongly recommended that you do. This will prevent your nanny from owing a year s worth of taxes when she files her tax return. FEDERAL UNEMPLOYMENT TAX (FUTA) Nannies also are subject to Federal Unemployment Tax. The current rate is.006 (six-tenths of one percent) on the first $7,000 of wages earned in each calendar year, which means the maximum due would be $ This amount can increase if the State Unemployment is not handled correctly. COLORADO INCOME TAX WITHHOLDING Nanny s Expense Colorado state income tax also should be withheld from each paycheck. Like federal income tax, this is not required, but highly recommended. The amount withheld will be based on the allowances claimed on your nanny s W-4. COLORADO UNEMPLOYMENT Your nanny is subject to State Unemployment Insurance. The current rate is 2.08% on the first $11,700 of wages paid in each calendar year, which means the maximum due would be $

2 Your 2014 Nanny Tax and Insurance Obligations WORKER S COMPENSATION INSURANCE In Colorado, Worker s Compensation Insurance is required if your domestic employee works 40 hours a week or 5 days per week. This is not a tax, but rather an insurance policy that can help if your employee is injured on the job, and incurs lost wages and medical expenses. Colorado treats domestic employees as non-classified workers, and consequently, there is no rate per $ of salary, which exists in most employee situations. You will pay a fixed premium, which may vary based on the number of hours worked each week. If you are required to provide this insurance, contact your homeowner s insurance carrier first. It may already be included in your umbrella homeowner s policy. If not available through your homeowner s policy, this insurance also is available through Pinnacol (formerly Colorado Compensation Insurance Authority) at Tax Responsibilities for a Household Employer TAX Social Security, Medicare and Federal Income Tax Withholding FORM FILING FREQUENCY Quarterly payments (1040-ES) and yearly reporting (W-2, W-3 and Schedule H) Federal Unemployment Tax Yearly (Schedule H) Colorado Income Tax Withholding Colorado Unemployment Quarterly Quarterly

3 Having a nanny has never been so easy NannyChex specializes in doing the payroll and taxes that are required when you employ a nanny. We save you time and eliminate the hassle of dealing with tax forms. Let us worry about the changing regulations and the constant barrage of deadlines. We simplify your life by providing these services: u Provide all forms to set you up as a household employer; u Supply all forms your nanny must complete when she is hired; u Prepare and direct deposit your nanny s payroll check (full service option only); u Prepare and file your quarterly federal, state and local tax forms; u At year end, we compute and file the required reports and returns including Schedule H, W-2 and W-3. In addition, we re always available to answer your questions about the ever-changing laws and regulations. For these services, our fees are as follows: FULL SERIVCE TAXES ONLY Getting you set-up as a household employer FREE FREE Preparing your payroll each pay period--weekly $ 6.25 no charge Preparing your payroll each pay period biweekly, $12.50 no charge Semi-monthly or monthly Quarterly preparation and filing of tax returns $80.00 $ Year-end preparation and filing of tax forms $ $185.00

4 For personal service on all your payroll and tax needs, please contact Steve Gelman at or NANNYCHEX PO Box 4276 Greenwood Village, CO Nanny employee or independent contractor? An often asked question by families hiring a nanny is whether their nanny is an employee or not. The answer dictates what responsibilities the family incurs with regard to paying taxes and insurance. An employer generally must withhold income taxes, withhold and pay Social Security and Medicare taxes, and pay unemployment tax on wages paid to any employee. An employer does not generally have to withhold or pay any taxes on payments to independent contractors. To determine whether an individual is an employee or independent contractor, the relationship of the worker and the employer must be examined. The IRS has developed a series of guidelines that are designed to determine a person s employment status. The key guidelines have to do with control. IRS publication 926 states the following: A household worker is your employee if you can control not only what work is done, but how it is done. If the worker is your employee, it does not matter whether the work is full time or part time, or that you hired the worker through an agency or from a list provided by an agency or association. It also does not matter whether you pay the worker on an hourly, daily or weekly basis, or by the job. If only the worker can control how the work is done, the worker is not your employee but is self employed. A self employed worker usually provides his or her own tools and offers services to the general public in an independent business. To illustrate each situation, the IRS provides the following examples: Example 1. You pay Betty Shore to babysit your child and do light housework 4 days a week in your home. Betty follows your specific instructions about household and child care duties. You provide the household equipment and supplies that Betty needs to do her work. Betty is your household employee. Example 2. You pay John Peters to care for your lawn. John also offers lawn care services to other homeowners in your neighborhood. He provides his own tools and supplies, and he hires and pays any helpers he needs. Neither John nor his helpers are your household employees.

5 In most situations, a nanny should be classified as an employee. For more information, refer to IRS Publications 926 or 15A, or call NannyChex at or

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