The Red Wasp, you see here is most probably Polistes carolina, a member of the family Vespidae. It's also known as red paper wasp. They build paper nests. They are considered beneficial as they are predatory, feeding on other insects particularly caterpillars. However they can cause problems when they build nests in or around human habitations, as they are capable of delivering painful stings. Therefore one should be careful while handling the wasps or their nest.
Red Wasp (Polistes carolina)