I am going to be working as a nanny - any tips/hints on where to start?
2006-07-11 19:04:01 · 4 answers · asked by brownfamilyfw 2 in Business & Finance ➔ Taxes ➔ United States
depending on the status--you can do your own with the 1040ez form, real simple math.
if you are recieving a 1099-then you pay your own taxes,s.s., and other deductions at the end of the year.
if you recieve a w2 from your employer, then as a nanny-a1040ez should work
2006-07-12 00:54:47 · answer #1 · answered by gemini~~~marie 3 · 0⤊ 0⤋
Talk to a CPA. Otherwise, if you really need to do this on your own, try and talk your employer into issuing you a W-2. If someone can afford a nanny, then they should have the resources to comply with federal payroll tax withholding requirements. This basically will allow you to receive your paycheck worry free of having to pay taxes yourself. Your employer will withhold the taxes for you.
However, if this is not possible, then you definitely will need a form 1099 from your employer. In that case, you will not have any taxes withheld. You need to sit down with an accountant who can tell you exactly how much you need to save from each paycheck for tax purposes.
2006-07-12 23:26:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
1> you can go to www.turbotax.com
2> or start by calling the Financial Planning Association at 1-800-322-4237
or better still is to go to the local library and get some books from financial experts like The Complete Idiot's Guide to Personal Finance in your 20s and 30s, Third Edition (Paperback)
by Sarah Young Fisher, Susan Shelly
try amazon .com and search for finance in books
2006-07-12 02:27:16 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Start with a 1099.
2006-07-12 02:07:11 · answer #4 · answered by cyanne2ak 7 · 0⤊ 0⤋