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For 2004 the maximum amount of wages and tips subject to social security tax is 87 900. Purpose of form. Use Form 4137 to figure the social security and Medicare tax owed on tips you did not report to your employer including any allocated tips shown on your Form s W-2 that you must report as income. K. to print Revised proofs requested OMB No. 1545-0059 Social Security and Medicare Tax on Unreported Tip Income Department of the Treasury Internal Revenue Service 99 Signature See instructions...
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How to fill out form 4137
How to fill out Form 4137
01
Obtain a copy of Form 4137 from the IRS website.
02
Provide your name, address, and Social Security number at the top of the form.
03
Indicate the type of income received that was not reported on a W-2 or 1099.
04
Calculate the unreported tips or compensation by accurately reporting daily and monthly totals.
05
Fill in the total amount of tips or compensation subject to Social Security and Medicare taxes.
06
Complete the certification section and sign the form.
07
Submit the completed form with your tax return.
Who needs Form 4137?
01
Any employee who receives tips as part of their income and has not reported them accurately.
02
Workers in the service industry, such as waitstaff, bartenders, and hairdressers.
03
Individuals who earn more than a certain amount in tips and need to reconcile this with their federal tax obligations.
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People Also Ask about
What happens if you didn't keep track of tips?
Penalty for not reporting tips. If you did not report tips to your employer as required, you may be charged a penalty equal to 50% of the social security, Medicare, and Additional Medicare Taxes due on those tips.
What is the tip reporting form?
Key Takeaways. Form 4070 is used by employees who are compensated by tips to report those tips to their employers. Any tips earned over $20 per month must be reported on the form, which must be submitted by the tenth day.
What is 4137 form used for?
Use Form 4137 only to figure the social security and Medicare tax owed on tips you did not report to your employer, including any allocated tips shown on your Form(s) W-2 that you must report as income.
How do I avoid paying 3.8% Medicare surtax?
Look for ways to minimize your AGI. The lower your AGI (the number at the bottom of the TAX-FORM 1040) the lower the amount of your income will be subject to the 3.8% surtax. Need another reason to contribute to your retirement plan? Making contributions to your 401k, 403b or pension will lower your AGI.
What is Medicare tax on tips?
Tips Reporting: If you earn $20 or more in tips per month, you must report them to your employer, who then includes these amounts in your taxable wages. Medicare Tax Rate: The standard Medicare tax rate is 1.45% of your taxable wages, with employers contributing an equal 1.45%.
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What is Form 4137?
Form 4137 is a tax form used by individuals to report tips received that are not reported to their employer, and to calculate the associated income tax owed on those tips.
Who is required to file Form 4137?
Individuals who receive tips that are not recorded by their employer and want to report them for tax purposes are required to file Form 4137.
How to fill out Form 4137?
To fill out Form 4137, taxpayers need to provide their name, address, and Social Security number, report the total amount of tips received that were not reported to the employer, and calculate the tax owed based on the reported tips.
What is the purpose of Form 4137?
The purpose of Form 4137 is to ensure that individuals declare all their tip income for tax purposes and pay the appropriate taxes on that income.
What information must be reported on Form 4137?
The information that must be reported on Form 4137 includes the total tips received, any allocated tips from the employer, and the resulting tax calculated on the unreported tips.
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