This tax credit will help offset your child care costs — if you're honest with the IRS
If you have a child under age 13 and you work, you may be eligible for the dependent care tax credit.
Failure to pay withhold Social Security and Medicare taxes from your nanny’s pay could result in criminal and civil penalties.If you want a tax credit for paying your nanny, you'll have to get right with the IRS first.data from Care.comMoreover, in 30 states and Washington, D.C., the annual cost of sending an infant to a childcare center costs more than annual in-state tuition and fees at a public college,Resist the temptation to sneak a cash payment to your caregiver.
If you paid cash wages of $2,100 or more in 2019 , then you are obligated to withhold and pay the Social Security and Medicare taxes. This adds up to 15.3% of wages, which you'll split with the employee.
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