Why is understanding maternity leave benefits an important aspect of becoming a Financially Wise Woman?
When a woman is pregnant, she has a lot on her mind. Especially with a first pregnancy, it is very easy to feel overwhelmed. In addition to concerns or fears about childbirth, sleepless nights, and actually raising this little person into a productive adult, women who work have the added worry about how they will make ends meet while they are on a leave of absence in connection with the birth of their child. The good news is that there are a lot of ways for women to seek wage replacement from their employers — and in many cases from the state — during their maternity leaves. Without getting this important information, women are leaving money on the table and putting themselves and their families in a worse financial situation than is necessary.
What are some common myths to hiring a nanny?
Many women with children will hire a nanny at least once in their life to help with childcare in their homes. Unfortunately, women often fail to get proper advice on how to manage this employment relationship and this puts women in a financially precarious situation. One of the biggest misconceptions is that women can retain their nannies as independent contractors and issue them a 1099 at the end of the year. This is simply not true. Nannies are employees and parents who hire them must withhold taxes, pay overtime if applicable, and insure them with workers’ compensation insurance.
For more information about Lisa and Mom Esq., please visit www.MomEsquire.com.
Lisa Pierson Weinberger is not affiliated with LPL Financial or Perennial Financial.
Britt Castro, CFP® and Founder of Financially Wise Women
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