Get the free U.S. TREAS Form treas-irs-4137-2002
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This form is used to calculate the social security and Medicare tax owed on tips that were not reported to an employer.
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How to fill out us treas form treas-irs-4137-2002
How to fill out U.S. TREAS Form treas-irs-4137-2002
01
Obtain the U.S. TREAS Form IRS-4137-2002 from the IRS website or relevant tax authority.
02
Begin by filling out your personal information, including your name, address, and Social Security Number.
03
Next, provide information regarding the type of income you are reporting. This typically involves detailing your tips or other non-wage compensation.
04
Calculate the total amount of tips you received during the reporting period and enter this figure on the form.
05
If you had tips that were not reported to your employer, indicate these separately on the form.
06
Review the instructions for any specific lines that apply to your situation, ensuring you have filled out all necessary sections.
07
Sign and date the form, attesting that the information is accurate.
08
Submit the form to the IRS according to their instructions, typically alongside your tax return.
Who needs U.S. TREAS Form treas-irs-4137-2002?
01
Individuals who receive tips as part of their income, especially workers in the service industry.
02
Employed persons who do not report all their tip income to their employer.
03
Employees who are subject to Social Security and Medicare taxes on their tip income.
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What is the penalty for filing Form 4137?
The IRS notes that if you fail to report your tips, you could face a penalty equal to 50% of the Social Security and Medicare taxes due on those tips. With that being said, don't hide cash in your pockets. Most tips are given in the form of cash.
What is the IRS penalty for late filing?
The penalty for filing late is normally five percent of the unpaid taxes for each month or part of a month that a tax return is late. That penalty starts accruing the day after the tax filing due date and will not exceed 25 percent of your unpaid taxes.
What is the penalty for failure to file?
A failure to file penalty is charged on returns filed after the due date or extended due date, absent a reasonable cause for filing late. The combined penalty is 5% (4.5% late filing and 0.5% late payment) for each month or part of a month that your return was late, up to 25%.
What is the amount for Form 4137?
Who must file. You must file Form 4137 if you received cash and charge tips of $20 or more in a calendar month and didn't report all of those tips to your employer.
What is the penalty for not filing ITR?
Penalty for Late Filing of ITR for FY 2024-25 (AY 2025-26) The last date to file your Income Tax Return (ITR) for Financial Year 2024–25 (Assessment Year 2025–26) is 31st July 2025. If you miss this deadline, a late filing fee of Rs. 5,000 will apply.
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What is U.S. TREAS Form treas-irs-4137-2002?
U.S. TREAS Form treas-irs-4137-2002 is a tax form used to report income from tips provided to employees in industries such as food and beverages, and it is used to calculate the tax owed on those tip incomes.
Who is required to file U.S. TREAS Form treas-irs-4137-2002?
Individuals who receive tips and are required to report those tips as income must file U.S. TREAS Form treas-irs-4137-2002, particularly if they did not report those tips to their employer.
How to fill out U.S. TREAS Form treas-irs-4137-2002?
To fill out U.S. TREAS Form treas-irs-4137-2002, individuals must provide their personal information, report the total amount of tips received, calculate the income tax owed on those tips, and keep a copy for their records.
What is the purpose of U.S. TREAS Form treas-irs-4137-2002?
The purpose of U.S. TREAS Form treas-irs-4137-2002 is to ensure that income from tips is properly reported and taxed, helping the IRS to enforce tax compliance among individuals who earn tips.
What information must be reported on U.S. TREAS Form treas-irs-4137-2002?
On U.S. TREAS Form treas-irs-4137-2002, individuals must report their total tip income, any allocated tips provided by the employer, and the total amount of income tax owed based on that tip income.
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