IRS Form 4137: Social Security and Medicare Tax on Tips
IRS Form 4137 is used to report unreported tip income for social security and Medicare tax purposes. This form is essential for individuals who received cash and charge tips but did not report all of them to their employer. Completing this form ensures compliance with tax regulations and protects your social security benefits.
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How do I fill this out?
To fill out Form 4137, begin by gathering all your unreported tip income records. Carefully transfer the amounts received and reported to your employer into the designated fields on the form. Ensure accurate reporting is made to avoid penalties on unreported incomes.
How to fill out the IRS Form 4137: Social Security and Medicare Tax on Tips?
1
Collect records of all cash and charge tips received.
2
Fill in the total cash and charge tips received and reported to your employer.
3
Subtract reported tips from total tips to find unreported tips.
4
Calculate the social security and Medicare tax owed on unreported tips.
5
Review and sign the form before submission.
Who needs the IRS Form 4137: Social Security and Medicare Tax on Tips?
1
Employees receiving tips in service jobs must file to report unreported income.
2
Self-employed individuals who receive tips need to declare them properly.
3
Individuals with allocated tips shown on their W-2 forms must report these amounts.
4
Workers in industries such as hospitality and restaurants often require this form for tax compliance.
5
Any person subject to social security tax and Medicare tax should file to ensure proper crediting.
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1
Upload your Form 4137 to PrintFriendly.
2
Click on the areas you want to edit, such as the income sections or calculations.
3
Make your edits to adjust the reported amounts as necessary.
4
After editing, review your changes to confirm accuracy.
5
Download the updated PDF for submission.
What are the instructions for submitting this form?
To submit Form 4137, attach it with your Form 1040 when filing your tax return. Ensure all sections are completed accurately before submission. If you are filing electronically, follow the online submission guidelines provided by the IRS.
What are the important dates for this form in 2024 and 2025?
For 2024, ensure that Form 4137 is filed with your tax return by April 15. In 2025, the deadline remains the same. Always check for updates on IRS deadlines to ensure compliance.
What is the purpose of this form?
The purpose of IRS Form 4137 is to accurately report unreported tip income for social security and Medicare tax purposes. This form helps taxpayers calculate the tax owed on tips received but not reported to their employer. It is crucial for maintaining accurate records for social security benefits.
Tell me about this form and its components and fields line-by-line.
- 1. Name: The name of the individual receiving tip income.
- 2. Total Cash and Charge Tips: The total amount of tips received in a taxable year.
- 3. Reported Tips: The amount of tips reported to the employer.
- 4. Unreported Tips: The difference between the total received and reported tips.
- 5. Social Security Tax: The calculated social security tax owed on unreported tips.
- 6. Medicare Tax: The calculated Medicare tax owed on unreported tips.
What happens if I fail to submit this form?
If you fail to submit Form 4137, you may face potential fines or penalties from the IRS. The unreported income could lead to an inaccurate tax return, which can have further implications for your financial records.
- Penalty for Late Submission: You may incur a penalty equating to 50% of the tax due on unreported tips.
- Tax Compliance Issues: Failure to report accurately can lead to complications with the IRS.
- Reduced Social Security Benefits: Not reporting your income correctly may affect your social security benefits.
How do I know when to use this form?
- 1. Reporting Unreported Tips: File to report any tips that were not reported to your employer.
- 2. Filing with W-2: Use this form in conjunction with your W-2 if allocated tips are shown.
- 3. Tax Year Filing: Essential for accurate tax filing during tax season.
Frequently Asked Questions
What is IRS Form 4137?
IRS Form 4137 is used to calculate and report social security and Medicare taxes owed on unreported tip income.
Who should fill out Form 4137?
Anyone who receives tips and did not report all of them to their employer should fill out this form.
How can I edit Form 4137 on PrintFriendly?
You can easily edit Form 4137 by uploading the PDF and using our editing tools to adjust amounts and calculations.
Can I share my completed Form 4137?
Absolutely! PrintFriendly allows you to share your edited PDF via email or a direct link.
What happens if I miss the submission deadline?
If you miss the submission deadline, you may face penalties or late fees, so it’s essential to file on time.
How do I calculate the tax owed on unreported tips?
You can calculate the tax by using the specified rates on the amount of unreported tips listed on Form 4137.
Is there a penalty for not filling this out?
Yes, there may be a penalty equal to 50% of the social security and Medicare tax due on unreported tips.
What if I received less than $20 in tips?
Tips received that total less than $20 during a month do not need to be reported to your employer.
How should I submit my completed Form 4137?
Submit your completed Form 4137 by attaching it to your Form 1040 tax return.
Can I get help filling out this form?
Yes, please refer to the IRS instructions or consult a tax professional for assistance.
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