Generation Earn by Kimberly Palmer

Author:Kimberly Palmer [Palmer, Kimberly]
Language: eng
Format: epub
ISBN: 978-1-58008-625-7
Publisher: Clarkson Potter/Ten Speed
Published: 2010-10-12T00:00:00+00:00

Quick Tip: Taxing Matters

Hiring help often comes with a tax bill—a sticky issue that has tripped up more than one White House cabinet nominee. Federal law requires anyone who employs a household worker to fill out a form to verify his employment eligibility. It’s called an I-9, and it can be found at uscis.gov. You don’t need to give it to anyone; you just need to have it in your files. If you pay a household worker more than $1,700 a year (the amount goes up annually), then you typically have to pay Social Security and Medicare taxes. Unemployment taxes may also apply. To calculate how much you owe, get a Schedule H form when you file your taxes, and also file W-2 and W-3 forms with the Social Security Administration. In addition, your state may have other requirements for unemployment insurance taxes or workers’ compensation.

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