Form 4070a Illinois Cook 2005-2025

Form 4070a Illinois Cook: What You Should Know

Your tip income is subject to Social security and Medicare tax. See Pub. 925. If you do not provide your employees with Form 4070, Employee's Report of Tips, they may get relief from Social security and Medicare tax. However, as these records are only used by the reporting employee and do not show the amount of tips received by the employee, they cannot be shown to the IRS. Additionally, if the reporting employee is a part-time employee, you must treat the records that show the tips as if they showed the gross amount of tips received by the employer. Form 4070A does contain a description of tips to be recorded. However, this description can be changed if it is determined that Form 4070A will not provide sufficient information for the IRS to determine if you have complied with your obligations for Social Security/Medicare tax. For tips that have been received in excess of 20 per paycheck (Form 4070A), see Instructions for Form 4070A. Form 4070A: Employer Tax Exemption for Tipped Employees Form 4070A, Employer Tax Exemption for Tipped Employees is an IRS Tax Form for an employee that records the amount of tips the employee receives from customers, and the amount of Social Security/Medicare tax the employee has to pay on them. This form provides an employee with an opportunity to claim an exemption from Social Security and Medicare tax for the amount of their tips. If you are a large or multiple employer, please refer to Form 8453: Employer's Annual Report of Tips. To access Form 4070A, use the instructions on Form 4070A. In addition to filing Form 4070A on Form 1040, use Form 1040EZ, Employer's Annual Return for Individuals Not Subject to Federal Income Tax. For tips that have been received in excess of 20 per paycheck (Form 4070A), see “Form W-2” instructions on Form 1040. The only exception to the requirements for filing Form 1040EZ for tips is if the employer is a limited liability company or an S corporation, and the report is filed on Schedule C (Form 1041) or Schedule C-EZ (Form 1042). For tips that have been received in excess of 20 per paycheck (Form 4070A), see “Form W-2” instructions on Form 1040.

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