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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 by the taxpayer. It ensures that the correct amount of tax is collected for unreported
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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 your local tax office.
02
Fill in your personal information, including your name, address, and Social Security number.
03
Enter the total amount of tips you received for the tax year in the appropriate section.
04
Include any tips reported by your employer on your W-2 form.
05
Calculate your total social security and Medicare tax on your tips using the provided tax rates.
06
Sign and date the form.
07
Submit the completed Form 4137 along with your tax return.
Who needs Form 4137?
01
Employees who receive tips as part of their income.
02
Individuals who need to report unreported tips to the IRS.
03
Workers in the service industry, such as waitstaff, bartenders, and taxi drivers.
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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 the Federal Insurance Contributions Act (FICA) tax form used to report tips received by employees in the food and beverage industry and to calculate any applicable taxes owed on those tips.
Who is required to file Form 4137?
Employees who receive $20 or more in tips in a month and who do not report these tips to their employer must file Form 4137.
How to fill out Form 4137?
To fill out Form 4137, start by entering the total amount of cash and non-cash tips received. Then calculate and report the FICA taxes owed on those tips. Input the proper information for identification purposes including name, Social Security number, and any other required details.
What is the purpose of Form 4137?
The purpose of Form 4137 is to ensure that employees report their tip income accurately for tax purposes, allowing the IRS to collect the correct amount of FICA taxes from both employees and employers.
What information must be reported on Form 4137?
The information that must be reported on Form 4137 includes the total cash and non-cash tips received, the amount of tips reported to the employer, and the calculated FICA tax owed on the unreported tips.
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