May 11 – Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on Internal Revenue Service Form 4070 no later than May 11, 2015. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
Original Post By: Barry Flowler
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