Household Employee Tax! What do I do?

[@olivekat3823]

I have no plans whatsoever to hire a nanny or a pool boy.. but I kept watching your video cause you are so knowledgeable and charismatic ☺️

[@gerrilamonica2706]

FYI-FUTA tax is only .6% on the first $7000 for a max withholding of $42 not $420.

[@sonyatoak]

your wrong. 6% and it would be $420

[@beanniesalsa07]

Thank k you for this!

[@nikofraser1]

Thank you for the video! Quick question. What if the nanny doesn’t have a ssn; only an ITIN. How do taxes change regarding the nanny tax there? Can we do the same process with an ITIN? Most providers say they won’t help if they don’t have a SSN.

[@stocktitian8719]

These are all business expenses that I have had to pay for when I had employees. They come off the top from your taxable income.

[@maiello35]

Thank you for this video! It is incredibly helpful for me

[@tinzatinza7589]

i am a nanny and i have a hard time finding a employer who would want to do this all. and i dont know if i can be individual self employed..charge them and do the taxes myself to gain my work experience in cnanada. wish someone could enlighten me

[@xyz987123abc]

Is there not a penalty also for accepting $ under the table? As an alternative, probably more expensive, could you not hire someone via an agency,?

[@jeromeysaul450]

Arnold schwarzenegger should have consulted with you before. That nanny tax is devastating!

[@frankelcosl13]

Mark, im very blessed to know about you and your courses , I have some questions, if I hired a personal assistant which form should I provide them , also if I have a construction company and I have w-2 employees and salesman,which form is more safe for me to provide to the salesman ?

[@mutantryeff]

Representatives are employees of the PEOPLE and should be making less money than the average person; when does the employee make more than the employer?

[@sonyatoak]

Great presentation

[@LoriGraybar]

If I hire someone to stay with my mom while I am at dialysis and that person also works with an agency and takes care of other people, would that person be considered an independent contractor? What would I have to do taxwise besides file a 1099NEC? Is there another article or video about what an employer of an independent contractor has to do taxwise? Thank you for your help!

[@MarkJKohler]

To get your question answered, please submit it to podcast.mainstreetbusiness.com/ - thank you!

[@micco6020]

Hey Mark! Quick question I am on disability with income limits on what i can earn. I want to start a business to do deductible stuff, like travel and a car. You said to do an s corp i would need $40 k a year. My brainstorm is to have a s corp where all money not spent is donated to a non profit i start, or, have an s corp that shows no profit and cant pay a salary or dividends by spending everything that comes in. Would that show as income? I know the same strategy on an llc is income i think. The non profit would be a travel youtube channel to educate people who have never left their city. Maybe have an office and car and travel.

[@MP-nj1qy]

What if I still want to hire my dad to babysit and pay more than $12000 per year? Can I still pay taxes so he can file taxes on his own since he doesn't have any other job? Please reply, thanks in advance.

[@knittingknut]

Would that person being paid under the table get penalised for not paying taxes? So why would they risk having that happen by reporting you (and themselves).

[@VenusianMuzic]

Exactly nobody is going to do that. 🤦🏽‍♀️

[@Brew2point0]

The person getting paid under the table wouldn't declare that income on their tax return. It's the mutual risk employer and employee would be taking to both keep it off the record. Mark's saying it could be discovered while that person tries to use that off-record employment for on-record benefits like unemployment compensation, then you'll receive an audit and penalties.

[@patrick553]

Is FUTA paid from payroll software??

[@Je.rone_]

It's a silly tax most are

[@BC-dg8tp]

FUTA is $42.00 per year not $420

[@waltknowsmoney]

💰💰💰💰

[@tinzatinza7589]

they hire first and once they knew this all, they fired their nannies.

[@Team8LA]

Of course we want I-9, support citizens should be the priority.

[@stevemcleod4608]

Dude, FUTA is $42 a person not $420 a year.

[@stevemcleod4608]

@Shocked No, it is max $42 a year.

[@stevemcleod4608]

@Shocked So it is $42 I fill out the 940 for 5 payroll clients and it is 6% of the first 7000 which is $42.00 barring any credit offset. It is not $420 a year. You could pay more than $420 to the state unemployment authorities.