A nanny tax calculator will help you best figure out a nanny's net pay (her take-home pay) compared to the gross pay that's presented in a nanny job offer.
Nanny tax calculator for household employers:
A nanny tax calculator will help you figure out whether the hourly rate you’re offering your nanny will net out to a comfortable take-home wage. It’s also helpful for you to see what tax savings you can get when paying a nanny legally, which might help you feel more comfortable offering a higher hourly rate.
Nanny tax calculator for nannies:
A nanny tax calculator will help you learn what your take-home pay will be when negotiating your pay rate. There is a difference between net and gross pay, and the last thing you want is to be shocked when you see your very first paycheck.
Managing taxes can be a huge pain and every professional feels the pinch in their paychecks, but taxes are also an important way to protect and prepare yourself for your future. If you ever want to buy a car, rent an apartment, or apply for a mortgage, the bank is going to want to see a source of credit history. If you’re not being paid legally, you can’t prove that your employer is your source of income.
So before you take a job, or even interview for one, make sure you are being paid legally, and get clear on the the minimum gross pay (salary the family offers you) and minimum net pay you will accept.
Nanny tax calculator for a nanny share:
Same rules apply for a nanny share! One of the best things about being a nanny for a nanny share is that nannies typically make more money working for two families than they would for one. And because most families use a nanny payroll service, handling net, gross, and direct deposit is all accounted for.