Written by Reed Tinsley |
October 26, 2016
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 the Author
Reed Tinsley CPA
This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on
accounting & tax,
practice management, and
financial planning.
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