Schedule H for Household Employee Taxes. Who Needs to File?

If you hire a household worker, you need to carefully assess whether the individual is an employee or a contractor. If the individual is deemed to be an employee of yours, you are now an employer.

As a U.S.-based employer, you as an individual are now required to withhold payroll taxes, pay payroll taxes (Social Security & Medicare), and pay State Unemployment Taxes (SUTA) and Federal Unemployment Taxes (FUTA).

The responsibilities of being an employer are immense.

In this video, I discuss the following topics for a taxpayer that hires a household employee:

1. Employee vs. contractor worker classification
2. Apply for an EIN for payroll purposes
3. Schedule H, Forms W2 & W3, Forms 941 & 940
4. Federal payroll tax withholding and matching
5. State & Federal Unemployment Taxes

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