Basics of Including Overtime
It's understandable that busy homeowner and others may not have all of the time in the world to devote to tax filing, which is way getting help with household worker or nanny taxes is always a good idea. Tax help from an expert, one who is familiar with the IRS stipulations regarding household workers and overtime compensation, can help guard against troublesome tax errors. Some of the basic elements of overtime compensation that have to be considered when filing taxes involve:
defining "overtime" and establishing pay rate for this time worked
differences between live- in employees and other employees and other employees
salary v. hourly employee tax rates and overtime pay
understanding consequences of a wage dispute
These basics, a long with many other more detailed employee-specific tax laws, are sometimes confusing, but if you do not understand them, it/s important that you get help because the last thing you want is an error in filling your taxes.