Q & A: How do you handle taxes on income ... - Finance information

Question by meow : How do you handle taxes on income claiming babysitting ?
I am possibly going to start babysitting making 550 a month. They are claiming me on their taxes. So how should I handle this for my taxes? Should A Certain amount put aside from tax time and keep a record of payments? Is there a way to just pay it as I go like I would with a normal job? And and all information about this will be helpful. Best answer:
Answer by

travelguruette
You are a household employee and they need to take the regular payroll taxes and issue you a W2. If you are babysitting at your house and can babysit other kids then you would be more of a daycare and can be paid with a 1099misc.

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Source: http://www.lovefinanceinfo.com/2012/03/q-a-how-do-you-handle-taxes-on-income-claiming-babysitting/?utm_source=rss&utm_medium=rss&utm_campaign=q-a-how-do-you-handle-taxes-on-income-claiming-babysitting

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