Get the free Form 4137 Social Security and Medicare Tax on Undereported Tip Inc. Social Security ...

Form4137Department of the Treasury Internal Revenue Service (99)Social Security and Medicare Tax on Unreported Tip IncomeOMB No. 15450074See instructions below and on back. Attach to Form 1040, Form

How to fill out form 4137 social security

How to fill out form 4137 social security

1. To fill out Form 4137 Social Security, follow these steps:
2. Enter your name and Social Security number at the top of the form.
3. Provide the details of your employer or business for which the tips were received.
4. Report your tip income for the current tax year in box 1.
5. Calculate the tips that were shared or allocated to you by your employer and report the amount in box 4.
6. If you had unreported tips, enter the amount in box 7.
7. Add the amounts in boxes 4 and 7 and enter the total in box 8.
8. Complete the rest of the form as instructed, including any additional income, adjustments, and penalties.
9. Sign and date the form.
10. Keep a copy of the completed form for your records.
11. Submit the form to the appropriate tax authority as instructed.

Who needs form 4137 social security?

1. Form 4137 Social Security is needed by individuals who receive tips as part of their income and want to report them accurately for tax purposes.
2. It is especially important for employees who receive tips in businesses where tip income is common, such as restaurants, bars, and hotels.
3. In order to comply with tax regulations and accurately report their income, these individuals need to fill out Form 4137.

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What is form 4137 social security?

Form 4137 is used to report tips received by employees that are not reported to their employer, specifically for social security and Medicare tax purposes.

Who is required to file form 4137 social security?

Employees who receive tips of $20 or more in a month and do not report those tips to their employer are required to file Form 4137.

How to fill out form 4137 social security?

To fill out Form 4137, individuals need to report their total tips received, calculate the social security and Medicare taxes owed on those tips, and provide the necessary identification information.

What is the purpose of form 4137 social security?

The purpose of Form 4137 is to ensure that tips received by employees are reported for tax purposes, allowing for the correct amount of social security and Medicare taxes to be calculated and paid.

What information must be reported on form 4137 social security?

Form 4137 requires information such as the total amount of tips received, the amount of tips reported to the employer, and the calculation of social security and Medicare taxes on the reported tips.