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Additional Details
well im a server and i looked at some others that work there and there gettting taxes out of theres so something is going wrong with ... |
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enigma_cr | As a server can i with hold tips and not report them till i do my taxes with my 1040 form and stil be legal ty |
well i only declared 4800.00 worth of tips to my employer,but i come to find out while doing my taxes that i can declare more tips that i didnt declare to my employer,thus raising my income and basicly getting a bigger refund.i just want to know if this is legal,am i within my rights to withhold that income from my employer and then declare it and the end of the tax year,i mean after all there is a place on the 1040 tax form that says tips not reported to your employer.so pls someone get back asap hopefully a cpa or a tax lawyer or some very informed about tax laws.ty ty have a good day. |
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kelly g
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I just did my taxes, and I did it first just as my w2 appears and nothing else, I got my refund quote and then I went back and put down unreported tips and yes it did make my return higher, our income is so low it didn't affect my tax percentage, so just do what I did and do it both ways I got more money by putting in the unclaimed tips. |
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bostonianinmo
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You must declare the actual tips received to your employer in any month that you received at least $20.00 in total tip income. There are substantial penalties for under-reporting tips. It is illegal to fail to accurately report your actual tips (adjusted up or down for tip-outs as appropriate) to your employer.
If you have undeclared tips listed on your tax return there is NO WAY that this will increase your refund! Unreported tips are subject to Social Security taxes PLUS a 50% Social Security tax penalty PLUS a negligence penalty along with the regular income tax that is due on them. This will increase your tax and reduce your refund substantially.
Here's a link to an IRS handout that explains tip income reporting requirements, benefits and penalties for under-reporting: http://www.irs.gov/pub/irs-pdf/p3148.pdf and you can find the various forms on their site as well. |
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Dustin S
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I've been a server for 8 years. If you declare more tips while doing your taxes, you will owe more money. If you get a paycheck, it is probably not for very much, if any money, right? That's because tax has been paid on your tips. If you declare more money, tax will be owed on it and you will have to pay more tax. You may not even receive a refund if you do that. Just let it alone. |
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Laural
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Ummm......are we alone? |
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rhsaunders
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The only gotcha is that you might run afoul of quarterly payment requirements. If the total taxes withheld plus quarterly estimated tax payments are too small (less than 90% of tax liability, if I remember right), the IRS will ding you for under-withholding. |
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Roll_Tide!
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Your employer is required to take taxes out of what you earn. You are required to report what you earn to the IRS at Tax time. Many service people do not "claim" all tips because they do not want to pay taxes on them. If you report ALL tips to the IRS this is the right thing to do. Reporting additional income will result in you paying more in tax not get a bigger refund. As it is now the IRS only "knows about what you reported through your employer. One thing you should know is that Waiters and waitresses represent about 25% of all audits! Keep good records and report what you earn. If you want to cheat the IRS keep false records that match what you reported. |
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birdwatcher
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within your rights to withhold income from employer? (what?)
Form 1040 Line 59 is for Social security and Medicare tax on tip income not reported to employer. you have to Attach Form 4137
You will owe Social Security and Medicare taxes on tip income that you do not report to your employer. The employer deducts part of these taxes from your pay and pays an employer's share.
Please read! Publication 17 see the link below.
Publication 17 (2006) Your Federal Income Tax for Individuals
chapter 6 Tip Income
Why report tips to your employer? You must report tips to your employer so that:
Your employer can withhold federal income tax and social security and Medicare taxes or railroad retirement tax,
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).
What tips to report. Report to your employer only cash, check, debit, or credit card tips you receive.
If your total tips for any one month from any one job are less than $20, do not report the tips for that month to that employer.
Do not report the value of any noncash tips, such as tickets or passes, to your employer. You do not pay social security and Medicare taxes or railroad retirement tax on these tips.
Penalty for not reporting tips. 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 and Medicare taxes or railroad retirement tax you owe on the unreported tips. (For information about these taxes, see Reporting social security and Medicare taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, later.) The penalty amount is in addition to the taxes you owe. |
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Allan H
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i can sujest u a website which file ur tax returns with ur requirement and at some tax reductions |
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fleekyone
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Tax- and labor-law treatment
In some jurisdictions, tipped workers qualify for a lower statutory minimum wage from the employer, and therefore may supplement deficient pay with tips. For example, the United States Internal Revenue Service (IRS) requires employers of restaurants to ensure that the total tip income reported to them during any pay period is at least 8% of their total receipts for that period. If the reported total is less than 8%, employers must allocate the difference between the actual tip income reported and 8% of gross receipts.
That's from wiki.... You are only obligated to report a certain percentage of tips, but I think that reporting MORE on your taxes will not get you a bigger refund. What having more income does is raise the amount of taxes you have to pay and if you didn't pay those taxes during the year, then you could end up owing. |
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