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Tip Income - Unreported Social Security and Medicare Tax

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Question
Tip Income - Unreported Social Security and Medicare Tax

Answer
If you received tips of $20 or more in any month and you did not report the full amount to your employer, you must pay the social security and Medicare or railroad retirement (RRTA) tax on the unreported tips. You must also pay this tax if your Form(s) W-2 shows allocated tips that you are including in your income on Form 1040, Line 7.

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Views: 576 Created on: Jun 15, 2013
Date updated: Nov 17, 2014

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