Music hi I'm mark Kohler here with another tax and legal tip let's talk about the household employee and nanny tax now they're one and the same and if you have someone working in your home for more than $2,000 a year which is an average of 166 dollars a month this tax may apply to you and the IRS is up in their games so let's talk about it number one let's find out if this person even is classified as a household employee now a nanny by default is a household employee this could be your gardener your maid your Butler anybody that's coming to your house and again working under your direction for more than $2,000 a year or 166 dollars a month now there's three classifications we need to worry about here to see if they fall under this tax the first one that's exempt let's give you the good news first if this person is a spouse that your pain to help take care of your family members or your house then obviously you don't have to withhold the tax if they're a child of yours under age 21 they're a parent of yours helping out and you're paying them or if they are a third party under age 18 so if you're hiring that little teenage girl to come by the house or the teenage boy to work on your garden and they're under age 18 in any of those four instances this tax does not apply second type is the independent contractor which also allows you would get out of jail free card so this person qualifies as an independent business owner you don't have to withhold this tax or be subject to the quote/unquote nanny or household employee tax now we independent...
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Irs Schedule H 2022-2023 Form: What You Should Know
The 2023 Schedule H, Part V is the final release for Forms 990-V (Employment Taxes) and 990-N (Nuts and Bolts). Forms 990-V and 990-N are posted at their original publication date of 2023 and can be found on the IRS website ( ) and you can download them. However, a copy of the original filing is also available by calling (toll-free) or (voice), for a 3 filing fee, which will help reduce processing time for you. You should download any copies of Form 990-V and 990-N you have before the annual deadline for Forms 990-V (or 990-N) in 2018. The 2023 publication for 2023 is now available as an iPad app available for free download on the Apple website. Taxpayers that need more detail should contact the IRS with any questions or concerns. Form 9039, Schedule C, Statement of Employer's Election Not to Report and Pay Employer's Share of Social Security and Medicare Taxes. Form 990-C, Employer's Annual Federal Unemployment Tax Return is another form that you should check before filing your IRS tax return.
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