FICA Tip Credit for Employers: Everything You Need to Know
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8846 tip credit Taxpayers use IRS Form 8846, Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips, to claim this nonrefundable tax credit. In this article, we’ll walk you through:.
8846 credit Certain food and beverage employers (see Who Should File below) use Form 8846 to claim a credit for social security and Medicare taxes paid or incurred by the employer on certain employees’ tips.
8846 tip credit The FICA tip credit can be requested when business tax returns are filed. It is reported on IRS Form 8846, which is sometimes called Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Determining if the FICA tax tip applies to your business can be a challenge.