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Alexandra earned $200 in tips in June. She must inform her employer of her tips on Form 4070 for federal income tax and FICA withholding purposes by July 10.
The Internal Revenue Service distributes a tax form called Form 4070: Employee's Report of Tips to Employer (IRS). This form is used by employees to report tip money to their employers after receiving tips from customers. Tips may be accepted in cash from customers, through a tip-sharing scheme, or by way of credit or debit cards.
Employees who receive tips must file Form 4070: Employee's Report of Tips to Employer. Every gratuity that over $20 must be disclosed. Unless that day is a holiday or weekend, these need to be sent in with their report by the tenth day of the following month.
Alexandra earned $200 in tips in June. When must she inform her employer of her tips on Form 4070 for federal income tax and FICA withholding purposes?
A) June 30.
B) July 10.
C) July 31.
D) Alexandra is not under any obligation to inform her employer of her tips earned in any one month.
Learn more about federal income tax and FICA here:
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