Accounting and Tax Services
Oct 26

Physicians with domestic employees – Nanny Tax remains the same for 2017

For 2017, the Social Security Administration (SSA) has announced that cash wages paid by an employer for domestic service in the employer’s private household is subject to FICA tax (often referred to as □nanny tax□) if the amount of wages paid during the year is more than $2,000. This is the same as for 2016. ( Note: The dollar threshold applies separately to each household employee.) For more information, see www.ssa.gov/OACT/COLA/CovThresh.html .

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →