Wednesday, February 20, 2013

What Are the Consequences For Not Giving Your Nanny a W-2 Form? | GoNannies.com Blog

What Are the Consequences For Not Giving Your Nanny a W-2 Form? | GoNannies.com Blog:

 "When you hire a domestic worker, which includes private childcare providers, you’re required by law to provide them with a W-2 form each year showing that Social Security, Medicare and the proper income taxes have been withheld. IRS estimates regarding federal income tax law compliance among nannies and their employers is very low, with the majority of employers and nannies working under an “off the books” arrangement. Because the compliance rate is so notoriously low, some employers feel that the risk of being discovered is also relatively low and opt for the perceived savings that come with skipping compliance altogether. If you’re considering an under the table arrangement that will leave your nanny with no W-2 at the beginning of the year, there are some dire consequences you’ll want to take into consideration first."

'via Blog this'

No comments:

Post a Comment