Employment taxes

[PLCHTOWN]

why his my schedule H showing that I'm paying 12.4% of social security tax for my nanny employment taxes (the employee and employer responsibility)?  Shouldn't I only be paying 6.2%?  I've provided my employee a W2.

[JaimeG · Accepted solution]

Yes, you are paying 6.2% as your share of the employer portion. The remaining 6.2% is the amount should be withheld from the Nanny's pay as her contribution to Social Security. For Example: 

• Nanny's Paycheck is $100.00 Gross and for simplicity she has 0 for Federal Withholding 
• You pay the SSA $6.20 out of your pocket and the Nanny pays $6.20 out of her Gross Pay
• You pay the Medicare $1.45 out of your pocket and the Nanny pays $1.45 out of her Gross Pay
• The Nanny's Net Pay is $92.35 but this paycheck cost you $100.00 of Gross Pay and $7.65 of your share of the FICA withholding, for a Total Cost of $107.65.