Below is a summary of the compliance requirements for household employers. (The IRS estimates that these tasks will take the average family approximately 50-55 hours per year.  Don't worry!  We can handle everything for you with guaranteed accuracy and timeliness).

• Register for federal and state tax accounts

• Complete and file New Hire Report

• Calculate the correct amount of federal and state taxes to withhold each pay period

• Track gross pay, net pay, federal taxes withheld and state taxes withheld

• Prepare state tax returns and remit both the employer and employee taxes quarterly

• Prepare federal tax estimates four times per year and remit both the employer and employee taxes

• Prepare year-end summaries to state tax agencies

• Prepare Form W-2 and distribute to your employee (and any former employees who had wages during that calendar year)

• Prepare Form W-3 and send to the Social Security Administration (along with Form W-2 Copy A)

• Prepare Schedule H to accompany your personal federal income tax return

• Respond to IRS and state requests/inquiries

• Monitor ever-changing household employment tax law

If you’d like to visit with one of our experts to discuss your individual situation, run payroll & budget scenarios, or get answers and advice, just give us a call. We’re here to help.