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Reporting cash tips Form: What You Should Know
FICA Form W-2 and SSB-3 Employees must file Form 1099-INT and pay Social Security and Medicare taxes due. For more information on the FICA Form, Click Here. Tips and tips derived from work are subject to income tax depending on the circumstances. Tips from sales of services (such as barber, manicurist, hairdresser, etc.) are not subject to tax if they aren't reported. Tips from non-cash items (such as refreshments or gift certificates) are subject to tax as they are received. Tips are taxable at the applicable tax rate. For information on the actual tax rate of tips and tips derived from noncash items, please contact the Internal Revenue Service at. You must file an appropriate Form W-9 with the IRS to report tips and tips from non-cash amounts. If you are unsure if you are a tipster, consult your accountant for assistance.
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