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Household Employment TaxesSCHEDULE H (Form 1040) Department of the Treasury Internal Revenue Service (99)OMB No. 154519712015(For Social Security, Medicare, Withheld Income, and Federal Unemployment

How to fill out household employment taxes 2015

How to fill out household employment taxes 2015

1. Gather all necessary documents such as Form W-2, Schedule H, and any additional supporting documentation.
2. Calculate the total wages paid to household employees throughout the year.
3. Determine if you meet the threshold for household employment taxes. In 2015, the threshold was $1,900 in wages for the year.
4. Complete Form W-2 for each household employee, reporting their wages and withholding information.
5. Fill out Schedule H to calculate your household employment taxes. This form will require information from your Form W-2s and other supporting documentation.
6. Include any additional payment such as backup withholding or employer share of Medicare tax.
7. Submit the completed Schedule H along with your tax return for the year.

Who needs household employment taxes 2015?

1. Individuals who employed one or more household employees in 2015 need to file household employment taxes.
2. Household employees include nannies, caretakers, private nurses, housekeepers, and others who work in a private residence.
3. If you paid household employees wages of $1,900 or more during the year, you are required to file household employment taxes.

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What is household employment taxes?

Household employment taxes are taxes that employers must withhold from wages paid to household employees, such as nannies, caregivers, or housekeepers. These taxes include Social Security, Medicare, and federal unemployment taxes.

Who is required to file household employment taxes?

Employers who pay a household employee $2,400 or more in a calendar year are required to file household employment taxes. This includes anyone who pays for domestic services in their home.

How to fill out household employment taxes?

To fill out household employment taxes, employers need to complete Schedule H (Form 1040) and report the wages paid to household employees, calculate the taxes owed, and include it with their annual tax return.

What is the purpose of household employment taxes?

The purpose of household employment taxes is to ensure that household employees receive social security and Medicare benefits, and to contribute to federal unemployment insurance. This helps protect both the employee and the employer.

What information must be reported on household employment taxes?

Employers must report the total wages paid to household employees, the amount of taxes withheld for Social Security and Medicare, and any federal unemployment taxes due.