Hourly rate for nanny? Family daycare? (Raleigh, Cary: how much, taxes, live in)

[All4Bee]

We're considering moving to the CH or Cary area in the coming months- we currently live in Northern NJ.

Just wondering if anyone can tell me what the going rates are for a nanny (assume 2 young children)? Is this rate cash or taxed?

Also, what are the daily rates for in-home/family daycare in the area?

I'm trying to get a handle on a budget.... Thanks!!

[rfb]

Its been a year or two since we used a nanny with our son. At the time, most nannies were looking for $400-$450 after taxes. And the taxes do add up. There are the nannies state, federal, Medicare, and social security taxes. And since you are the nannies' employer, you need an employer ID and are responsible for the employer's share of the FICA taxes as well. You may want to hire an accountant to handle the tax work - you can do it yourself, but there is a bunch of forms, etc. that have to be filled out and submitted quarterly and tax forms that you need to file with your Federal tax return.

All totaled, it is a big price tag - with taxes included, it is near $30K a year. This is for a single child; two children will be slightly more (don't know how much more, though).

[OandEMOM]

If you look on some of the nanny finder websites, most are looking for 400-500 a week, times 52 weeks, 450*52 = 23400.00 x .0765% (your share of the FICA taxes for nanny) = 1790.10 = 25190.10, which is about 2100 a month, which is what you would also pay for daycare in Raleigh for 2 kids. I'm sure the number of kids and pay would be negotiable depending on the ages. We are going to look for a nanny as well in the Spring when we move closer to Raleigh and I'd rather pay a nanny than daycare for what you get!

Good Luck,
Traci