Despite the publicity about the "nanny tax" (which includes Social Security, Medicare (collectively, FICA) and federal unemployment tax (FUTA)), many household employers still pay their babysitters and housekeepers in cash, without withholding taxes or filing the correct forms. The costs of househo...
If household employers had to cover these family and sick leave pay costs, they can take a dollar for dollar tax credit and reduce the amount of money paid when sending the IRS employment taxes for the household employee. What are the tax consequences of working as a babysitter? Like a ...
Traditional IRA: Payments may be tax-deductible, but withdrawals are tired as ordinary income.Roth IRA: Contributions are made with after-tax dollars; however, certified withdrawals are tax-free. Gold IRA: Specifically designed for holding physical gold or various other precious metals....