Hiring nanny process
Hello, we are looking to hire a nanny for our 3 month old son as I will be going back to work soon. Initially we thought the process is just simple - we pay the nanny for the hours they have worked in a week via cash / zelle /venmo - for instance if the nanny worked 40 hours in a week at $25/hour - the total cost we would incur is $1000 for that week.
However now we understand that there are other phantom costs that we need to be mindful of - eg, social security / Medicare costs, salary at 1.5x if employed for >40 hours in a week, insurance costs for the nanny.
Can someone help confirm if these costs do in fact need to be incurred? Are there other costs on top of the ones listed above that need to be factored?
Also if you do sign a contract with the nanny stating that you plan to employ them for up to 50 hours a week at $x/hour, do you have to pay them 1.5x for the 10 hours above the 40 hour per week threshold?