IRS Publication 926
Definition of 'IRS Publication 926'A document published by the Internal Revenue Service (IRS) that provides information for individuals who employ a household employee. Examples of household employees include maids, nannies, yard workers, drivers and caretakers. Employers of household employees may have to pay state and federal employment taxes, including Social Security, Medicare and unemployment. |
|
Investopedia explains 'IRS Publication 926'The IRS indicates that a household worker is considered an employee if that individual is told what work is to be done, and how it should be done. If the worker meets those standards then he or she is considered an employee, even if not employed full-time or hired from an agency, and even if that employee is not paid on a standard schedule.It is unlawful to employ someone if he or she is not legally authorized to work in the United States. When hiring a household employee, the taxpayer must complete Form I-9 from the U.S. Citizenship and Immigration Services. |
Related Definitions
Articles Of Interest
-
Surviving The IRS Audit
Keeping thorough records and knowing the penalties make this experience easier than you'd expect. -
Small Business Tax Obligations: Payroll Taxes
Don't leave it up to your accountant - owners are ultimately responsible for fulfilling tax obligations. -
10 Steps To Tax Preparation
Follow these simple steps to get you ready for April 15. -
The Unemployment Rate: Get Real
Depending on how it's measured, the unemployment rate is open to interpretation. Learn how to find the real rate. -
The Economics Of Labor Mobility
Loosening labor restrictions has both good and bad effects for a country and its workers. -
The U.S. National Spending And Debt
We are looking at what could be the official year of the Federal Budget, or, more specifically, our debt and how we will manage it for many years to come. -
Has Income Tax Become A Class Tax On The Poor?
With more than 33% of American families falling close to the poverty line despite their adult members holding full-time employment, a rising number of citizens are being forced to pay a rate ... -
How The 2014 Obama Budget Could Affect Your Finances
Depending on which estimate you believe, Obama's proposed budget would raise the tax bill of a household with a yearly income of $50,000 to $75,000 between $63 and $100 per year. However, that’s ... -
Austerity: When The Government Tightens Its Belt
When a government tightens its belt in tough economic times the entire nation feels the squeeze. -
Inaccurate Tax Return, Now What?
If the IRS finds errors, it will cost you. Find out how to fix them, and how to prevent them in the first place.
Free Annual Reports