{"id":70,"date":"2014-02-25T00:00:00","date_gmt":"2014-02-25T00:00:00","guid":{"rendered":"https:\/\/s37407.p1377.sites.pressdns.com\/homepay\/tax-benefits-for-employees\/"},"modified":"2014-02-25T00:00:00","modified_gmt":"2014-02-25T00:00:00","slug":"tax-benefits-for-employees","status":"publish","type":"post","link":"https:\/\/www.care.com\/hp\/tax-benefits-for-employees\/","title":{"rendered":"Tax Benefits for Employees"},"content":{"rendered":"<p>As a household worker, you&rsquo;ve got a very important job to do. Whether it&rsquo;s caring for children, organizing a family&rsquo;s busy schedule or keeping the house sparkling clean, your work directly affects the well-being of a family. And professional work deserves professional pay and benefits. Yes, that means taxes are involved, but with those taxes come several very important <a href=\"\/p1017-qxid%7C1402251523.html\">benefits for families<\/a> and for you.<\/p><p>Take a look at what&rsquo;s available to you just by having taxes withheld:<\/p><ul><li><strong>Tangible employment history.<\/strong> When you&rsquo;re paid on the books, it creates an employment history that you can prove to creditors. If you ever need a car loan, a mortgage, a student loan, a credit card, or if you simply want to move to a new apartment, you&rsquo;ll be required to prove your income and your employment history. If you&rsquo;re paid under the table, your employment isn&rsquo;t documented and it&rsquo;s as if you never officially held the job.<\/li><li><strong>Unemployment benefits.<\/strong> No one likes to think about losing or not having a job, but if a family moves or kids get too old for a nanny, you could lose your job due to no fault of your own. If you&rsquo;re paid legally, you may be eligible to receive unemployment insurance benefits of approximately 50% of your salary for up to six months. This benefit is free to you because the family pays taxes toward the cost of the program.<\/li><li><strong>Health insurance subsidies.<\/strong> The Affordable Care Act requires that all individuals be covered by health insurance&mdash;either through your employer or by purchasing an individual policy. Depending on your income level and how many people are in your household, you may qualify for a subsidy to reduce the cost of your premiums. However, if you wish to qualify for a subsidy, you have to be paid on the books.<\/li><li><strong>Social Security &amp; Medicare benefits.<\/strong> When you retire, you&rsquo;ll receive money for living and medical expenses. How much you receive is based on how much is credited into your account with the Social Security Administration. When you&rsquo;re paid as a professional, the Social Security &amp; Medicare (FICA) taxes withheld from your pay are matched by your employer on a dollar-for-dollar basis. It&rsquo;s estimated that workers earn $5 in retirement benefits for every $1 withheld from their pay during their working lifetimes.<\/li><\/ul><p>These benefits can help both you and your employer in both the short and long-term. Being paid professionally is an investment in your financial future, and if you&rsquo;re wondering how to get started, read our tips on <a href=\"\/p1017-qxid%7C1402251534.html\">how to have the &ldquo;tax talk&rdquo;<\/a> with your employer.<\/p>","protected":false},"excerpt":{"rendered":"<p>As a household worker, you&rsquo;ve got a very important job to do. Whether it&rsquo;s caring for children, organizing a family&rsquo;s busy schedule or keeping the house sparkling clean, your work directly affects the well-being of a family. And professional work deserves professional pay and benefits. Yes, that means taxes are involved, but with those taxes <a class=\"more-link\" href=\"https:\/\/www.care.com\/hp\/tax-benefits-for-employees\/\">Read more&#8230;<\/a><\/p>\n","protected":false},"author":1299,"featured_media":1285,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"enable_toc":false,"care_reviewed_by":0,"care_post_updated_flag":false,"care_updated_date":"","last_update":"2014-02-25","view_count":123,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[1],"tags":[],"member-type":[37],"vertical":[3],"platform":[11],"class_list":["post-70","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","member-type-provider","vertical-children","platform-homepay"],"acf":[],"created":null,"_links":{"self":[{"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/posts\/70","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/users\/1299"}],"replies":[{"embeddable":true,"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/comments?post=70"}],"version-history":[{"count":0,"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/posts\/70\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/media\/1285"}],"wp:attachment":[{"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/media?parent=70"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/categories?post=70"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/tags?post=70"},{"taxonomy":"member-type","embeddable":true,"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/member-type?post=70"},{"taxonomy":"vertical","embeddable":true,"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/vertical?post=70"},{"taxonomy":"platform","embeddable":true,"href":"https:\/\/www.care.com\/hp\/wp-json\/wp\/v2\/platform?post=70"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}