Pay and taxes?

Question

I'm going to start being a nanny for 5 childrn I'm going to be living there and they will provide everything I need I'm gtting paid $175 a week should thy pay me cash or check also will I have to pay taxes I'm also going to b a full time student paying out of state fees

Answer 1

They will have to pay social security for you because you are household help. They should be paying you like a regular employer. If they do or not, be prepared to pay taxes if they just give you a check for $175. weekly. If they give you cash, well no one is probably going to report it. Ask them when you get paid your first time. You will see how it will go.

Answer 2

They are required to withhold Social Security and Medicare taxes from your pay, whether your are paid in cash or by check.

You chould ask them to withhold Federal Income Tax as well, but they are not required to do so. With that income level your tax liability will be minimal -- almost certainly less than $100 for the entire year.

That income is fully taxable but the value of your room and board are NOT taxable if your employer requires you to live with them. Of course that is standard practice as a nanny.

Answer 3

You should be paid by check, and income taxes should be withheld if you expect to owe any. Social security and medicare should be withheld also, and your employer should pay in the matching social security and medicare.

You need to talk to your employer before you start about how taxes will be handled. In many such situations, nothing is done by the employer OR the nanny about taxes. This is illegal for both of them.

Answer 4

Household Employee under $1,500 a year. No need for W-2 or pay SS/Medicare tax. 175 a week =9,100 a year.

1) If self-employed, must pay self-employment taxes and pay income taxes
2) employee - you and employer must pay SS/Medicare and you need to pay income tax
3) Not Report - go to jail, hahahah JP

Answer 5

of course you are going to need to report these income why because the person paying YOU is gonna report it on his income statement to the IRS and it is gonna have to be verifiable for them to claim this so therefore they gonna have to ID you. what you need to do is file a 1099 this means you will have to pay taxes on your income. is this bad ? no because you are going to keep up wth all your personal spending. deduct them as expenses. a good way to do it is incorporate yourself. I know this sounds stupid. but if they are gonna TAX you then let them tax a portion of your earnings AFTER you have subtracted your expenses. you know?