How Much Does a Nanny Cost in NJ?

How Much Does a Nanny Cost in NJ?

 

Nannies provide personalized childcare to children in the comfort of your own home,
making them a welcome addition to any household.
Nannies differ from babysitters in that they typically provide full-time employment
with salaries and benefits, often possessing CPR/first aid certifications as well as
additional training. Furthermore, nannies often offer transportation between
activities/appointments.

Nanny Typical Hourly Rates

The rate a nanny charges depends on her experience and qualifications as well as
the age and number of your children. Nannies with college or master’s degrees often
command higher salaries while additional credentials such as nursing license or
teaching certification can help increase this figure further.
Families typically reimburse their nannies for meals and snacks provided. Some
require them to provide transportation themselves; this often incurs an additional
fee.
As household employees, nannies are legally obliged to pay Social Security and
Medicare taxes from gross pay; these should be discussed during performance
reviews with your nanny. They may also qualify for tax deductions related to lodging
provided during their employment; documentation will need to be provided.

Nanny Typical Full-Time Rates

Nanny salaries typically depend on the age and number of children being cared for;
however, experience is an integral factor; often those with extensive multiples
and/or preemie experience command higher rates than their counterparts who are
just entering the industry.

Nanny rates depend on each family’s specific needs and expectations. For instance,
those needing someone with emergency medical training or early childhood
education experience often pay higher rates than those just needing someone to
assist their children with homework or transport them between activities.
An additional factor influencing nanny rates is an employer’s need for workers’
compensation insurance (which covers wage and medical benefits should an
accident occur). GTM offers a comprehensive payroll and tax service designed to
make this calculation and withholding easier.

Nanny Typical Part-Time Rates

Part-time nannies typically charge higher hourly rates due to taking on fewer hours
compared to full-time ones in a week.
Nanny rates increase with additional job responsibilities and qualifications. For
instance, hiring a CPR and first aid certified nanny with a college degree in early
childhood education is likely to cost more than hiring one without such qualifications.
Families should also factor in workers’ compensation insurance costs as an annual
fee; some nannies with in-demand skills or qualifications (e.g. speaking another
language, extensive childcare experience or being “kid magnets”) charge more.

Nanny Typical Additional Fees

 

Families usually cover food and transportation costs for their nannies, with workers’
compensation insurance required if working from their home – this costs monthly.
Other factors affecting nanny rates include second language skills, years of
experience and additional certifications such as CPR or early childhood education
training. Nannies with additional responsibilities, such as caring for infants, may
charge more per hour.
Families may also consider nanny shares, in which one nanny’s salary is split with
multiple families within the same neighborhood or age range to help reduce
childcare costs. Some families add an annual gross salary fee as part of this
arrangement as well.

 

Nanny Typical Taxes

 

Jersey City daycare raised prices recently to remind families of the financial strain
child care can impose. According to New Jersey state surveys, full-time infant care
costs on average around $1,040 monthly.
The IRS mandates that you file household employment taxes and withhold your
nanny’s share of Social Security and Medicare taxes from their wages. Furthermore,
New Jersey laws mandate disability and workers’ compensation insurance for them.
The IRS defines a household employee as someone you direct in his or her daily
work (think landscaper). To be compliant with state laws, you’ll need a detailed
NANNY CONTRACT that addresses payroll taxes quarterly and annually; additionally,
filing Form W-2 with the IRS at year-end will also be essential.

 

Leave a Comment

We use cookies in order to give you the best possible experience on our website. By continuing to use this site, you agree to our use of cookies.
Accept