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Old 02-09-2012, 10:26 PM
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Figuring up tips

I'm a waitress and usually keep up with my tips on my phone calendar well it got erased soo I need help figuring up what my tips should be based on my wages.


Last edited by Lindsey731 : 02-09-2012 at 10:29 PM.


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Old 02-10-2012, 11:26 PM
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“I'm a waitress and usually keep up with my tips on my phone calendar well it got erased soo I need help figuring up what my tips should be based on my wages.”---->Did you report your tip income to your ER? Then you can contact your ER. Because the IRS found it could not crack down on the hundreds of thousands of EEs in a number of industries who had been neglecting to report tip income, officials say, the agency decided to get ERs to police their EEs tip reporting practices.You don't want to estimate , figure up, or assume your tips. That could cause overpayment or underpayment of taxes due. You want to keep an accurate record of your tips. However, you may figure up your tip income by using maybe previous months’ tip income or so. As you can see, you must report tips to your ER so that your ER can withhold federal income tax and social security and Medicare taxes ,FICA Taxes and other taxes, FIT/State taxes or etc.Your ER can report the correct amount of your earnings to the Social Security Administration (which affects your benefits when you retire or if you become disabled, or your family's benefits if you die), and 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.



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