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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 and to determine the tips to be credited to the individual's social security
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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 or your local IRS office.
02
Fill in your personal information at the top of the form including your name, Social Security number, and address.
03
Report your tips on the form by entering the total amount of tips you received during the tax year.
04
Calculate the Social Security and Medicare taxes owed on the tips you reported.
05
Complete any additional sections required on the form, such as reporting any allocated tips.
06
Review your form for accuracy and completeness.
07
Sign and date the form.
08
Submit the form with your tax return or separately if required.
Who needs Form 4137?
01
Individuals who receive tips as part of their income, such as waitstaff, bartenders, taxi drivers, and hairdressers.
02
Employees who are reporting tips that were not reported to their employer.
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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 a form used by taxpayers to report tips that were not reported to their employer, which may need to be included in their taxable income.
Who is required to file Form 4137?
Individuals who received tips and did not report those tips to their employer are required to file Form 4137 to report the unreported tips on their tax return.
How to fill out Form 4137?
To fill out Form 4137, provide your name, Social Security number, and the total amount of tips received that were not reported to your employer, and complete the necessary calculations to determine the owed taxes.
What is the purpose of Form 4137?
The purpose of Form 4137 is to ensure that taxpayers report all income from tips and pay the appropriate taxes on those earnings.
What information must be reported on Form 4137?
Information that must be reported on Form 4137 includes the total amount of tips received, the amount of tips reported to your employer, and any applicable calculations for taxes owed.
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