When parents are on the run, nannies are their go-to option for providing proper care to their children. This raises the most frequently asked question, “How much does a nanny cost?”
A nanny in Maryland is paid, on average, around $16 hourly, and a minimum of around $13 hourly is guaranteed. However, hourly rates can depend on and change according to several factors, such as location, experience, availability or schedule, name of children, overtime, and taxes.
How much are you Expected to Pay?
This can depend on where you live or the size of your family. Some employers pay nannies the minimum wage, while others offer fixed amounts as starting pay for the position. The 2022 INA Salary Benefits survey showcased new insights. The hourly rate increased from $19 to $25, with a median hourly rate of $35.
Factors Affecting the Rates
Location
It’s shown that a nanny’s hourly rate directly correlates with a higher cost of living. This is especially true for metropolitan cities such as Baltimore, Columbia, or Germantown. Furthermore, If you live in a city on the East Coast, you will pay more than if you live in a rural town.
Experience
Experience speaks volumes; similarly, the more trained and certified nannies will cost more. Parents can be reassured that their child will receive the best care in Maryland. There are several fields that are closely related to nannies that you can look out for, such as Daycare providers, elementary school teachers, or children’s nurses.
Scheduling and Availability
Scheduling can vary from nanny to nanny. Some choose to work part-time, and others choose to work full-time. The difference comes whether the nanny is working less than 32 hours weekly or not, in which case they will be considered part-time and will be charged accordingly.
Live-out nanny follows a clearly defined schedule, fulfilling their pre-determined number of hours. As they live on their own, traveling time can be a factor in higher hourly wages. Furthermore, they might not allow for last-minute shifts.
On the other hand, live-in nannies are always close by which is especially favorable for parents on the run. However, you will be required to set up rules and boundaries for work and personal hours. Including slightly lower hourly wages.
Education
Although nannies are not strictly required, educated or master’s degrees can garner higher hourly wages. Many parents prefer their nannies with degrees in education, children’s education, or similar fields, as they can help with their child’s development. Equally important can be certification in CPR or First Aid.
Overtime and Taxes
In accordance with federal law, you, as an employer, need to pay additional pay for overtime. If you have scheduled more than 40 hours in a week, you must pay them 1.5 times the agreed hourly rate.
Furthermore, if you have employed a nanny, you will be responsible for paying taxes alongside their salary. This will include state unemployment taxes and Social Security taxes. There are also services out there that can help you calculate your nanny’s salary with taxes.
Solution for all your Childcare needs
Still having trouble deciding? Fret not, Master Mind Daycare is here to fulfill your childcare needs through their vast selection of Master Nannies. Verified and certified professionals who will give you peace of mind and the best hourly rates in the industry. Contact us today or visit our website for more details about our wonderful service.