If you have a babysitter or other household employees who is on a consistent weekly schedule, you may need to pay the "Nanny Tax."
According to Katherine Lewis, About.com's working mom's expert,"If you have a nanny or frequent babysitter for your child, you need to understand the nanny tax. The IRS requires anyone with household help, such as a babysitter or housekeeper, to pay Social Security and Medicare taxes if annual pay crosses a set threshold, which was $1,600 for 2008 and $1,700 for 2009."
Read Katherine's entire article, How To Pay the Nanny Tax-Easy Instructions for Forms W-2 and W-3."
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