Use 4137 to figure the tax owed and report the tax on line Form 2005-2024

Use 4137 to figure the tax owed and report the tax on line Form: What You Should Know

Calculated for the year in which this return was filed. Also called Form 4137. The amount is figured by multiplying the number of tax periods ending on a specific date by the applicable percentage. Also called Form 4137. First, you must report all unreported tips—even if under 20—which are subject to the Medicare tax. This amount is multiplied by the appropriate  Federal Form 4137 Instructions for IRS Tip Tax Return Amounts shown on Form 4137 are only those tips from which you pay Social Security and Medicare tax. These amounts are not shown if you receive these tips in exchange for services that are taxable. If you need help with Form 4137, you can phone the IRS on a toll-free number at 1.866.864.4495 or, using Tax Form 4137, complete the forms online for free or pay by check or money order. Social Security and Medicare Tax On Unreported Tip Income You generally owe only the tax due. The tax that should be withheld has not been withheld and the correct amount will be withheld from your paycheck. The amount you need to pay tax hasn't yet been paid. If you received tips, and if you are withholding Social Security and Medicare tax, you should check with a payroll provider, such as a payroll service or an outsourced payroll service, to find out if the tips are taxable. Social Security and Medicare taxes owed on tips you didn't report to your employer, including any allocated tips shown on Form 1040, should also be paid. Use IRS Form 4137 only to figure the social security and Medicare tax you owe on tips you didn't report to your employer. You must also report the income on Form 1040 or 1040-SR, line 1; or Form 1040NR, line 1a. Tip Credits (1032) The law is often called the “tip credit,” or the employer's share of Social Security and Medicare taxes. The general rule: If you aren't required to file a tax return, and you haven't paid, or withheld, Social Security and Medicare taxes from your tips, you get credit for those taxes. You can use or claim this credit. In most cases, however, you need to pay and have withheld Social Security and Medicare taxes from your tips, too. The law has this to say: “The credits provided under this title do not apply to the employer share (other than the employer contribution to plan premiums).

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