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Back Taxes Owed

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Back Taxes Owed

Back taxes owed 6. Back taxes owed   Tip Income Table of Contents Introduction Useful Items - You may want to see: Keeping a Daily Tip RecordElectronic tip record. Back taxes owed Reporting Tips to Your EmployerElectronic tip statement. Back taxes owed Final report. Back taxes owed Reporting Tips on Your Tax Return Allocated Tips Introduction This chapter is for employees who receive tips. Back taxes owed All tips you receive are income and are subject to federal income tax. Back taxes owed You must include in gross income all tips you receive directly, charged tips paid to you by your employer, and your share of any tips you receive under a tip-splitting or tip-pooling arrangement. Back taxes owed The value of noncash tips, such as tickets, passes, or other items of value, is also income and subject to tax. Back taxes owed Reporting your tip income correctly is not difficult. Back taxes owed You must do three things. Back taxes owed Keep a daily tip record. Back taxes owed Report tips to your employer. Back taxes owed Report all your tips on your income tax return. Back taxes owed  This chapter will explain these three things and show you what to do on your tax return if you have not done the first two. Back taxes owed This chapter will also show you how to treat allocated tips. Back taxes owed For information on special tip programs and agreements, see Publication 531. Back taxes owed Useful Items - You may want to see: Publication 531 Reporting Tip Income 1244 Employee's Daily Record of Tips and Report to Employer Form (and Instructions) 4137 Social Security and Medicare Tax on Unreported Tip Income 4070 Employee's Report of Tips to Employer Keeping a Daily Tip Record Why keep a daily tip record. Back taxes owed   You must keep a daily tip record so you can: Report your tips accurately to your employer, Report your tips accurately on your tax return, and Prove your tip income if your return is ever questioned. Back taxes owed How to keep a daily tip record. Back taxes owed   There are two ways to keep a daily tip record. Back taxes owed You can either: Write information about your tips in a tip diary, or Keep copies of documents that show your tips, such as restaurant bills and credit or debit card charge slips. Back taxes owed You should keep your daily tip record with your tax or other personal records. Back taxes owed You must keep your records for as long as they are important for administration of the federal tax law. Back taxes owed For information on how long to keep records, see How long to keep records in chapter 1. Back taxes owed    If you keep a tip diary, you can use Form 4070A, Employee's Daily Record of Tips. Back taxes owed To get Form 4070A, ask the Internal Revenue Service (IRS) or your employer for Publication 1244. Back taxes owed Also, Publication 1244 is available online at www. Back taxes owed irs. Back taxes owed gov/pub/irs-pdf/p1244. Back taxes owed pdf. Back taxes owed Publication 1244 includes a 1-year supply of Form 4070A. Back taxes owed Each day, write in the information asked for on the form. Back taxes owed   In addition to the information asked for on Form 4070A, you also need to keep a record of the date and value of any noncash tips you get, such as tickets, passes, or other items of value. Back taxes owed Although you do not report these tips to your employer, you must report them on your tax return. Back taxes owed   If you do not use Form 4070A, start your records by writing your name, your employer's name, and the name of the business (if it is different from your employer's name). Back taxes owed Then, each workday, write the date and the following information. Back taxes owed Cash tips you get directly from customers or from other employees. Back taxes owed Tips from credit and debit card charge customers that your employer pays you. Back taxes owed The value of any noncash tips you get, such as tickets, passes, or other items of value. Back taxes owed The amount of tips you paid out to other employees through tip pools or tip splitting, or other arrangements, and the names of the employees to whom you paid the tips. Back taxes owed Electronic tip record. Back taxes owed   You can use an electronic system provided by your employer to record your daily tips. Back taxes owed If you do, you must receive and keep a paper copy of this record. Back taxes owed Service charges. Back taxes owed    Do not write in your tip diary the amount of any service charge that your employer adds to a customer's bill and then pays to you and treats as wages. Back taxes owed This is part of your wages, not a tip. Back taxes owed See examples below. Back taxes owed Example 1. Back taxes owed Good Food Restaurant adds an 18% charge to the bill for parties of 6 or more customers. Back taxes owed Jane’s bill for food and beverages for her party of 8 includes an amount on the tip line equal to 18% of the charges for food and beverages, and the total includes this amount. Back taxes owed Because Jane did not have an unrestricted right to determine the amount on the “tip line,” the 18% charge is considered a service charge. Back taxes owed Do not include the 18% charge in your tip diary. Back taxes owed Service charges that are paid to you are considered wages, not tips. Back taxes owed Example 2. Back taxes owed Good Food Restaurant also includes sample calculations of tip amounts at the bottom of its bills for food and beverages provided to customers. Back taxes owed David’s bill includes a blank “tip line,” with sample tip calculations of 15%, 18%, and 20% of his charges for food and beverages at the bottom of the bill beneath the signature line. Back taxes owed Because David is free to enter any amount on the “tip line” or leave it blank, any amount he includes is considered a tip. Back taxes owed Be sure to include this amount in your tip diary. Back taxes owed Reporting Tips to Your Employer Why report tips to your employer. Back taxes owed   You must report tips to your employer so that: Your employer can withhold federal income tax and social security, Medicare, Additional Medicare, or railroad retirement taxes, Your employer can report the correct amount of your earnings to the Social Security Administration or Railroad Retirement Board (which affects your benefits when you retire or if you become disabled, or your family's benefits if you die), and You can avoid the penalty for not reporting tips to your employer (explained later). Back taxes owed What tips to report. Back taxes owed   Report to your employer only cash, check, and debit and credit card tips you receive. Back taxes owed   If your total tips for any 1 month from any one job are less than $20, do not report the tips for that month to that employer. Back taxes owed   If you participate in a tip-splitting or tip-pooling arrangement, report only the tips you receive and retain. Back taxes owed Do not report to your employer any portion of the tips you receive that you pass on to other employees. Back taxes owed However, you must report tips you receive from other employees. Back taxes owed    Do not report the value of any noncash tips, such as tickets or passes, to your employer. Back taxes owed You do not pay social security, Medicare, Additional Medicare or railroad retirement taxes on these tips. Back taxes owed How to report. Back taxes owed    If your employer does not give you any other way to report tips, you can use Form 4070. Back taxes owed Fill in the information asked for on the form, sign and date the form, and give it to your employer. Back taxes owed To get a 1-year supply of the form, ask the IRS or your employer for Publication 1244. Back taxes owed   If you do not use Form 4070, give your employer a statement with the following information. Back taxes owed Your name, address, and social security number. Back taxes owed Your employer's name, address, and business name (if it is different from your employer's name). Back taxes owed The month (or the dates of any shorter period) in which you received tips. Back taxes owed The total tips required to be reported for that period. Back taxes owed You must sign and date the statement. Back taxes owed Be sure to keep a copy with your tax or other personal records. Back taxes owed   Your employer may require you to report your tips more than once a month. Back taxes owed However, the statement cannot cover a period of more than 1 calendar month. Back taxes owed Electronic tip statement. Back taxes owed   Your employer can have you furnish your tip statements electronically. Back taxes owed When to report. Back taxes owed   Give your report for each month to your employer by the 10th of the next month. Back taxes owed If the 10th falls on a Saturday, Sunday, or legal holiday, give your employer the report by the next day that is not a Saturday, Sunday, or legal holiday. Back taxes owed Example. Back taxes owed You must report your tips received in September 2014 by October 10, 2014. Back taxes owed Final report. Back taxes owed   If your employment ends during the month, you can report your tips when your employment ends. Back taxes owed Penalty for not reporting tips. Back taxes owed   If you do not report tips to your employer as required, you may be subject to a penalty equal to 50% of the social security, Medicare, and Additional Medicare taxes or railroad retirement tax you owe on the unreported tips. Back taxes owed (For information about these taxes, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, later. Back taxes owed ) The penalty amount is in addition to the taxes you owe. Back taxes owed   You can avoid this penalty if you can show reasonable cause for not reporting the tips to your employer. Back taxes owed To do so, attach a statement to your return explaining why you did not report them. Back taxes owed Giving your employer money for taxes. Back taxes owed   Your regular pay may not be enough for your employer to withhold all the taxes you owe on your regular pay plus your reported tips. Back taxes owed If this happens, you can give your employer money until the close of the calendar year to pay the rest of the taxes. Back taxes owed   If you do not give your employer enough money, your employer will apply your regular pay and any money you give in the following order. Back taxes owed All taxes on your regular pay. Back taxes owed Social security, Medicare, and Additional Medicare taxes or railroad retirement taxes on your reported tips. Back taxes owed Federal, state, and local income taxes on your reported tips. Back taxes owed    Any taxes that remain unpaid can be collected by your employer from your next paycheck. Back taxes owed If withholding taxes remain uncollected at the end of the year, you may be subject to a penalty for underpayment of estimated taxes. Back taxes owed See Publication 505, Tax Withholding and Estimated Tax, for more information. Back taxes owed    Uncollected taxes. Back taxes owed You must report on your tax return any social security and Medicare taxes or railroad retirement tax that remained uncollected at the end of 2013. Back taxes owed These uncollected taxes will be shown on your 2013 Form W-2. Back taxes owed See Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer under Reporting Tips on Your Tax Return, later. Back taxes owed Reporting Tips on Your Tax Return How to report tips. Back taxes owed    Report your tips with your wages on Form 1040, line 7; Form 1040A, line 7; or Form 1040EZ, line 1. Back taxes owed What tips to report. Back taxes owed   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Back taxes owed Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Back taxes owed Add to the amount in box 1 only the tips you did not report to your employer. Back taxes owed    If you received $20 or more in cash and charge tips in a month and did not report all of those tips to your employer, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer, later. Back taxes owed    If you did not keep a daily tip record as required and an amount is shown in box 8 of your Form W-2, see Allocated Tips, later. Back taxes owed   If you kept a daily tip record and reported tips to your employer as required under the rules explained earlier, add the following tips to the amount in box 1 of your Form W-2. Back taxes owed Cash and charge tips you received that totaled less than $20 for any month. Back taxes owed The value of noncash tips, such as tickets, passes, or other items of value. Back taxes owed Example. Back taxes owed Ben Smith began working at the Blue Ocean Restaurant (his only employer in 2013) on June 30 and received $10,000 in wages during the year. Back taxes owed Ben kept a daily tip record showing that his tips for June were $18 and his tips for the rest of the year totaled $7,000. Back taxes owed He was not required to report his June tips to his employer, but he reported all of the rest of his tips to his employer as required. Back taxes owed Ben's Form W-2 from Blue Ocean Restaurant shows $17,000 ($10,000 wages plus $7,000 reported tips) in box 1. Back taxes owed He adds the $18 unreported tips to that amount and reports $17,018 as wages on his tax return. Back taxes owed Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer. Back taxes owed    If you received $20 or more in cash and charge tips in a month from any one job and did not report all of those tips to your employer, you must report the social security, Medicare, and Additional Medicare taxes on the unreported tips as additional tax on your return. Back taxes owed To report these taxes, you must file a return even if you would not otherwise have to file. Back taxes owed You must use Form 1040. Back taxes owed (You cannot file Form 1040EZ or Form 1040A. Back taxes owed )    Use Form 4137 to figure social security and Medicare taxes. Back taxes owed Enter the tax on your return as instructed, and attach the completed Form 4137 to your return. Back taxes owed Use Form 8959 to figure Additional Medicare Tax. Back taxes owed    If you are subject to the Railroad Retirement Tax Act, you cannot use Form 4137 to pay railroad retirement tax on unreported tips. Back taxes owed To get railroad retirement credit, you must report tips to your employer. Back taxes owed Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer. Back taxes owed   You may have uncollected taxes if your regular pay was not enough for your employer to withhold all the taxes you owe and you did not give your employer enough money to pay the rest of the taxes. Back taxes owed For more information, see Giving your employer money for taxes , under Reporting Tips to Your Employer, earlier. Back taxes owed   If your employer could not collect all the social security and Medicare taxes or railroad retirement tax you owe on tips reported for 2013, the uncollected taxes will be shown in box 12 of your Form W-2 (codes A and B). Back taxes owed You must report these amounts as additional tax on your return. Back taxes owed Unlike the uncollected portion of the regular (1. Back taxes owed 45%) Medicare tax, the uncollected Additional Medicare Tax is not reported in box 12 of Form W-2 with code B. Back taxes owed    To report these uncollected taxes, you must file a return even if you would not otherwise have to file. Back taxes owed You must report these taxes on Form 1040, line 60. Back taxes owed See the instructions for Form 1040, line 60. Back taxes owed (You cannot file Form 1040EZ or Form 1040A. Back taxes owed ) Allocated Tips If your employer allocated tips to you, they are shown separately in box 8 of your Form W-2. Back taxes owed They are not included in box 1 with your wages and reported tips. Back taxes owed If box 8 is blank, this discussion does not apply to you. Back taxes owed What are allocated tips. Back taxes owed   These are tips that your employer assigned to you in addition to the tips you reported to your employer for the year. Back taxes owed Your employer will have done this only if: You worked in an establishment (restaurant, cocktail lounge, or similar business) that must allocate tips to employees, and The tips you reported to your employer were less than your share of 8% of food and drink sales. Back taxes owed No income, social security, Medicare, Additional Medicare or railroad retirement taxes are withheld on allocated tips. Back taxes owed How were your allocated tips figured. Back taxes owed   The tips allocated to you are your share of an amount figured by subtracting the reported tips of all employees from 8% (or an approved lower rate) of food and drink sales (other than carryout sales and sales with a service charge of 10% or more). Back taxes owed Your share of that amount was figured using either a method provided by an employer-employee agreement or a method provided by IRS regulations based on employees' sales or hours worked. Back taxes owed For information about the exact allocation method used, ask your employer. Back taxes owed Must you report your allocated tips on your tax return. Back taxes owed   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Back taxes owed Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Back taxes owed Add to the amount in box 1 only the tips you did not report to your employer. Back taxes owed This should include any allocated tips shown in box 8 on your Form(s) W-2, unless you have adequate records to show that you received less tips in the year than the allocated figures. Back taxes owed   See What tips to report under Reporting Tips on Your Tax Return, and Keeping a Daily Tip Record , earlier. Back taxes owed How to report allocated tips. Back taxes owed   Report the amount in box 1 and the allocated tips in box 8 of your Form(s) W-2 as wages on Form 1040, line 7; Form 1040NR, line 8; or Form 1040NR-EZ, line 3. Back taxes owed (You cannot file Form 1040A or Form 1040EZ when you have allocated tips. Back taxes owed )    Because social security, Medicare, and Additional Medicare taxes were not withheld from the allocated tips, you must report those taxes as additional tax on your return. Back taxes owed Complete Form 4137, and include the allocated tips on line 1 of the form. Back taxes owed See Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, earlier. Back taxes owed Prev  Up  Next   Home   More Online Publications
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The Back Taxes Owed

Back taxes owed 8. Back taxes owed   Foreign Insurance Taxes Table of Contents Premium. Back taxes owed Tax is imposed on insurance policies issued by foreign insurers. Back taxes owed Any person who makes, signs, issues, or sells any of the documents and instruments subject to the tax, or for whose use or benefit they are made, signed, issued, or sold, is liable for the tax. Back taxes owed The following tax rates apply to each dollar (or fraction thereof) of the premium paid. Back taxes owed Casualty insurance and indemnity, fidelity, and surety bonds: 4 cents. Back taxes owed For example, on a premium payment of $10. Back taxes owed 10, the tax is 44 cents. Back taxes owed Life, sickness, and accident insurance, and annuity contracts: 1 cent. Back taxes owed For example, on a premium payment of $10. Back taxes owed 10, the tax is 11 cents. Back taxes owed Reinsurance policies covering any of the taxable contracts described in items (1) and (2): 1 cent. Back taxes owed However, the tax does not apply to casualty insurance premiums paid to foreign insurers for coverage of export goods in transit to foreign destinations. Back taxes owed Premium. Back taxes owed   Premium means the agreed price or consideration for assuming and carrying the risk or obligation. Back taxes owed It includes any additional charge or assessment payable under the contract, whether in one sum or installments. Back taxes owed If premiums are refunded, claim the tax paid on those premiums as an overpayment against tax due on other premiums paid or file a claim for refund. Back taxes owed When liability attaches. Back taxes owed   The liability for this tax attaches when the premium payment is transferred to the foreign insurer or reinsurer (including transfers to any bank, trust fund, or similar recipient designated by the foreign insurer or reinsurer) or to any nonresident agent, solicitor, or broker. Back taxes owed A person can pay the tax before the liability attaches if the person keeps records consistent with that practice. Back taxes owed Who must file. Back taxes owed   The person who pays the premium to the foreign insurer (or to any nonresident person such as a foreign broker) must pay the tax and file the return. Back taxes owed Otherwise, any person who issued or sold the policy, or who is insured under the policy, is required to pay the tax and file the return. Back taxes owed    The person liable for this tax must keep accurate records that identify each policy or instrument subject to tax. Back taxes owed These records must clearly establish the type of policy or instrument, the gross premium paid, the identity of the insured and insurer, and the total premium charged. Back taxes owed If the premium is to be paid in installments, the records must also establish the amount and anniversary date of each installment. Back taxes owed   The records must be kept at the place of business or other convenient location for at least 3 years after the later of the date any part of the tax became due, or the date any part of the tax was paid. Back taxes owed During this period, the records must be readily accessible to the IRS. Back taxes owed   The person having control or possession of a policy or instrument subject to this tax must keep the policy for at least 3 years after the date any part of the tax on it was paid. Back taxes owed For information on reinsurance premiums paid from one foreign insurer to another foreign insurer, see Rev. Back taxes owed Rul. Back taxes owed 2008-15. Back taxes owed You can find Rev. Back taxes owed Rul. Back taxes owed 2008-15 on page 633 of I. Back taxes owed R. Back taxes owed B. Back taxes owed 2008-12 at www. Back taxes owed irs. Back taxes owed gov/pub/irs-irbs/irb08-12. Back taxes owed pdf. Back taxes owed Treaty-based positions under IRC 6114. Back taxes owed   You may have to file an annual report disclosing the amount of premiums exempt from United States excise tax as a result of the application of a treaty with the United States that overrides (or otherwise modifies) any provision of the Internal Revenue Code. Back taxes owed   Attach any disclosure statement to the first quarter Form 720. Back taxes owed You may be able to use Form 8833, Treaty-Based Return Position Disclosure Under Section 6114 or 7701(b), as a disclosure statement. Back taxes owed See the Instructions for Form 720 for information on how and where to file. Back taxes owed   See Revenue Procedure 92-14 in Cumulative Bulletin 1992-1 for procedures you can use to claim a refund of this tax under certain U. Back taxes owed S. Back taxes owed treaties. Back taxes owed Prev  Up  Next   Home   More Online Publications