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This form is used to figure the social security and Medicare tax owed on tips that were not reported to the employer, and also to calculate the tips to be credited to the social security record.
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How to fill out form 4137 - irs
How to fill out Form 4137
01
Obtain Form 4137 from the IRS website or a local IRS office.
02
Fill in your personal information at the top of the form.
03
Report the total amount of tips you received for the tax year on Line 1.
04
Calculate the unreported tips for the year by subtracting reported tips from total tips on Line 2.
05
Fill in Line 3 with any Social Security tax you owe on the unreported tips.
06
Complete any additional sections if you have other income related to your job, such as non-cash tips.
07
Review the information for accuracy and ensure all required fields are filled.
08
Sign and date the form at the bottom.
09
Attach Form 4137 to your tax return when filing.
Who needs Form 4137?
01
Individuals who receive tips as part of their job and have not reported all of their tips to their employer.
02
Employees in industries where tipping is common, such as restaurants, salons, or transportation.
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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 used to report tip income received by employees who work for tips and to calculate the amount of Social Security and Medicare tax owed on that income.
Who is required to file Form 4137?
Employees who receive tips and have not reported those tips to their employer are required to file Form 4137.
How to fill out Form 4137?
To fill out Form 4137, report the total tips you received during the year, calculate the Social Security and Medicare taxes due, and provide required information such as your name, Social Security Number, and income details.
What is the purpose of Form 4137?
The purpose of Form 4137 is to ensure that employees report their tip income accurately and pay the correct amount of taxes on that income.
What information must be reported on Form 4137?
The information that must be reported on Form 4137 includes total cash tips, non-cash tips, allocated tips, and the calculated amount of Social Security and Medicare taxes.
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