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Form 4137 is used to calculate the social security and Medicare tax owed on tips that were not reported to the employer. It is required for individuals who received cash and charge tips of $20 or
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How to fill out form 4137
How to fill out Form 4137
01
Obtain Form 4137 from the IRS website or your local IRS office.
02
Complete your personal information at the top of the form.
03
Calculate your unreported tips for the tax year.
04
Report the total amount of tips received in the appropriate section.
05
Calculate the amount of Social Security and Medicare tax due on the reported tips.
06
Sign and date the form to certify the accuracy of the information provided.
07
Attach Form 4137 to your tax return when filing.
Who needs Form 4137?
01
Employees who receive tips as part of their job and have not reported all of their tips to the IRS.
02
Workers in service industries such as restaurants, bars, and salons who earn income from tips.
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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 tax form used to report tips received by employees in the hospitality and service industries, such as waitstaff and bartenders.
Who is required to file Form 4137?
Employees who receive tips that are not reported to their employer or tips received in a non-cash form, and who owe Social Security and Medicare taxes, are required to file Form 4137.
How to fill out Form 4137?
To fill out Form 4137, provide your name and social security number at the top, report the total tips received, calculate and report the taxes owed on those tips, and sign the form.
What is the purpose of Form 4137?
The purpose of Form 4137 is to ensure that all tips received by employees are properly reported and taxed, helping to accurately calculate their tax liabilities.
What information must be reported on Form 4137?
On Form 4137, you must report the total amount of tips received, the number of hours worked, and the corresponding Social Security and Medicare taxes owed on those tips.
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