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I am hiring a nanny. Oh boy.

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I am hiring a nanny. Oh boy.

Old 10-08-12, 01:00 PM
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Re: I am hiring a nanny. Oh boy.

The information about about a 1099 isn't correct. You do become an employer of a "household employee" and have to pay taxes (federal and state) and should pay unemployment. You could do it under the table, but if you ever fired her and she claimed unemployment, then the whole thing would unravel and you would be do back taxes and penatly.

Maybe the Nanny service will handle payroll for you? If there, there are services out there that will handle the payroll for you, but they are expensive. The ones my wife nad I saw all wanted like $1000 a year to process the payroll. There are some softwares, but they nail you like $500 a year to "update the tax information to the latest" aka. change one tax rate in your software.

We just did it in Excel. I built a workbook with some visual basic for our situation. Bascially we have a time sheet we print out each pay period (the 15th and the 30th). We have her fill out the times. Then at the end of the pay period I put the hours into the workbook. The workbook figures out full time vs overtime, then applies the pay rates. Then it calculates the FICA. Our nanny claims 0 deductions and is on her own to pay her taxes. We set aside the FICA and unemployment to an ING account. We print a pay stub populated by the workbook and write her the check. At the end of the year we give her a W-2. The unemployment gets paid quarterly to our state (you setup an online account with them). The rest just sits in the account until tax time. When tax time comes, our refund is deducted what we owe and then we pay the rest/pay ourselves out of the set aside amount.

It is complicated to set up, but we couldn't bring ourselves to pay the money for the payroll services. Once you get it set up it is pretty easy. We did it over the table because we need to claim the child care deductions each year and my job frowns upon under the table employment.

We used to do daycare at another person's house, and it was ok, but the person coming to our house (was through a private referral) is much better. She takes the kids to preschool and takes them home, makes them lunch, they have their own toys, play in their yard, etc. It used to break my heart if I had an early morning meeting in the winter to get the kids up at 5 am to go out in the cold to daycare. I felt better since it was someone else's house, at least it was more of a "home setting" and not a classroom with bright lights and tons of other kids and even if they didn't feel like it they would have to have play time, snack time, etc. I understand it is the only way to run that type of place, but they will be in school soon enough and have to suck it up and keep the schedule.

As for the money someone mentioned, it is easily worth it for us. I guess we make enough, we are more like feast or famine. We can both work, have day care, lots of meals out, vacations, etc or we can barely get by with just me. My mother stayed home with me when I was little because it wasn't worth it to work and get daycare, you barely broke even. However, my family was also able to live well off one salary, for the most part I think those days are gone with some exceptions.


Bottom line: Google: "Nanny tax" or "household employee", there is a whole guide on the IRS site.
Old 10-08-12, 01:20 PM
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Re: I am hiring a nanny. Oh boy.

I went the daycare route. My brother and his wife went the nanny route. Turnover has driven them crazy. They've had 4 nanny's in 3 years and often gone 3 months without a nanny.
Old 10-08-12, 01:29 PM
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Re: I am hiring a nanny. Oh boy.

Make sure you let your wife handle the nanny hiring. Otherwise it will be your fault!
Old 10-08-12, 01:55 PM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by LurkerDan View Post
The return on my wife's income is pretty small (ie the effective hourly wage is shit) and you'd probably say "why is your wife working then?" But even considering the poor return, we couldn't possibly survive on my income alone, so a poor hourly wage is better than no income at all.
Not only that, in many careers taking 5 years off will impact your income/position beyond the lost wages for those 5 years. Typically the highest earning years are your last, and those are really the years you are giving up.
Old 10-08-12, 02:08 PM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by Mrs. Danger View Post
Your wife must be getting paid very well if it's more cost effective to have her work, and hire a nanny, rather than let her stay home with the child.
Very well is relative, no?
Old 10-08-12, 02:28 PM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by DirkUSA View Post
Make sure you let your wife handle the nanny hiring. Otherwise it will be your fault!
this.
Old 10-08-12, 02:44 PM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by cungar View Post
I love how everyone assumes that if you're on Otter, there's no way you could make enough to pay a nanny. Don't you know everyone here makes $500,000 a year?
I was just being reasonable. This is why every person doesn't have a nanny in their home. It's because the mother (or less likely, father) doesn't make enough money to make it worth it. And my math is fairly accurate (assuming that I'm not completely off base with a nanny's wages). In Arizona, you simple cannot write off the cost of childcare.

Reasonably, you'd have to make $40-50k a year just to cover the childcare alone. Anything over that is great, I guess. Plus, you get time away from the kid. But I grew up with parents who always made around $35k-or-so per year (or less).

I'd still suggest checking out Tutor Time (or similar). You cost goes all the way down to $9k or $10k. You write off the $3000 allowance, and you're essentially down to around $7k-$8k (depending on your exact tax situation). The hours are something like 6AM to 6:30PM. I paid for my niece to go to Tutor Time (long story short ... I'm the responsible guy in the family, and couldn't babysit anymore). I sent her there for three years, and still send her there during the summer. She loves it, and I have nothing but nice things to say about them. But it is a chain/franchise. So it could be different at other locations. But they're much more monitored and liable than an 'in house' type nanny (who could be beating the shit out of your kids while you're away ... or putting cigarettes out on their armpits or something). You have cameras everywhere, an administration staff, etc. It's like a little private school. And my niece is only in the second grade - but knew simple math, spelling and science stuff before entering kindergarten.
Old 10-08-12, 02:48 PM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by Mrs. Danger View Post
Be sure to ask them, "Has a child ever been hurt while in your care?"

If they answer, "Define 'hurt'." don't hire them.
Define "care".
Old 10-08-12, 02:54 PM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by LurkerDan View Post
Apparently, you don't understand that the calculation is more complex than that. The return on my wife's income is pretty small (ie the effective hourly wage is shit) and you'd probably say "why is your wife working then?" But even considering the poor return, we couldn't possibly survive on my income alone, so a poor hourly wage is better than no income at all.
Also worth to take into consideration the multi-year break, assuming your wife would be promoted and/or learn new skills.
Old 10-08-12, 06:04 PM
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Re: I am hiring a nanny. Oh boy.

Just drop the kid off at a different church or hospital each day and then "change your mind" after work.
Old 10-08-12, 06:14 PM
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Re: I am hiring a nanny. Oh boy.

Stay away from women named Louise Woodward.
Old 10-08-12, 07:30 PM
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Re: I am hiring a nanny. Oh boy.

Thanks for the replies and helpful suggestions. Interviews commence tomorrow. I have experience hiring people so that shouldn't be a problem. The reason daycare wasn't really an option is because I would really need a 24 hour daycare setting. A 6am-6pm situation would not work. My wife and I actually have the same profession and we can still live comfortably even with this financially. I will definitely have to look into the whole business and taxes issue though.

Definitely checking for tattoos, piercings and the like. Never even thought of an au pair, that might have been cool.
Old 10-08-12, 07:36 PM
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Re: I am hiring a nanny. Oh boy.

Worst Quantum Leap Ever.
Old 10-08-12, 07:43 PM
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Re: I am hiring a nanny. Oh boy.

But still better than the series finale. Ba-zing!
Old 10-08-12, 08:22 PM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by RocShemp View Post
Define "care".
They can't hurt anything while inside the cages!
Old 10-09-12, 06:22 PM
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Re: I am hiring a nanny. Oh boy.

Make sure you get some kind of a written contract with the nanny. A nanny contract.
Old 10-09-12, 07:01 PM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by Joshic View Post
Make sure you get some kind of a written contract with the nanny.
Great advice. Plus,she must have large breasts...
Old 10-09-12, 07:09 PM
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Re: I am hiring a nanny. Oh boy.

Get Rebecca DeMornay.
Old 10-09-12, 11:15 PM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by DirkUSA View Post
Make sure you let your wife handle the nanny. Otherwise it will be your fault!
Fixed.
Old 10-09-12, 11:22 PM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by Screwadu View Post
Get Rebecca DeMornay.
We're talking about Nannies.

Not Grannies.
Old 10-10-12, 12:01 AM
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Re: I am hiring a nanny. Oh boy.

Once you hire her, please post pics to determine whether you've made the right choice or not!!!

We went the daycare route, it was cheaper and imo it exposes the kid to a social atmosphere.
Old 10-10-12, 08:38 AM
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Re: I am hiring a nanny. Oh boy.

Originally Posted by Hadrian7 View Post
So our son, Alexander Ethan, was born on August 7th and my wife has been off on maternity leave since then. She goes back to work beginning in November and, unfortunately with student loans and expenses, it would not be financially feasible for her to be a stay at home mom. As such, we have decided to hire a nanny. I've read up on the pros and cons and think it is a lot better than a daycare situation. We are using a nanny agency for placement, but I was wondering if anyone here has any personal experience with nannies.

And yes, I was thinking of seeing if I could pee in their butt during the interview process, but I don't think I would want someone who actually let me do that looking after my child. Although it is Vegas...

Edit: oops, his birthday is actually August 7th.
Lots of qualified folks over at care.com
Old 10-10-12, 09:32 AM
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Re: I am hiring a nanny. Oh boy.

FWIW: My son was born in late July and is starting daycare in November. We wanted to hire a nanny, but it doesn't make financial sense to us. Daycare is $1750/month. We found some really sketchy and/or new nannies that would work for that amount, but those with good resumes were well over $3,000/month. Once we have a second kid, we are going to get a nanny, but until then, paying 2x daycare doesn't make a lot of sense to us.

If you find someone good who will work for a comparable cost to daycare, I would hire them immediately.
Old 10-11-12, 08:11 PM
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Re: I am hiring a nanny. Oh boy.

We've made a decision. The wife says she is the best suited for our needs and was the best choice. I agreed. Didn't hurt that she was also the prettiest one that interviewed as well. Obviously not to Otter standards so I will decide not to post pics since she just won't be able to meet your expectations.
Old 10-11-12, 08:55 PM
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Re: I am hiring a nanny. Oh boy.


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