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Vt Dept Of Taxes Forms

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Vt Dept Of Taxes Forms

Vt dept of taxes forms Index A Accounting method: Accrual method, Accounting Method Cash method, Accounting Method Assistance (see Tax help) B Business: Expenses, Business Expenses Start-up costs, Business Start-Up Costs Use of car, Car and Truck Expenses Use of home, Business Use of Your Home C Car and truck expenses, Car and Truck Expenses Corporation, Corporations. Vt dept of taxes forms D Depositing taxes, Depositing Taxes Depreciation, Depreciation E Employer identification number (EIN), Employer Identification Number (EIN) Employment taxes: Defined, Employment Taxes Records to keep, Employment taxes. Vt dept of taxes forms Estimated tax, Estimated tax. Vt dept of taxes forms Excise taxes, Excise Taxes F Form: 1099-MISC, Form 1099-MISC. Vt dept of taxes forms 11-C, Form 11-C. Vt dept of taxes forms 1128, Changing your tax year. Vt dept of taxes forms 2290, Form 2290. Vt dept of taxes forms 720, Form 720. Vt dept of taxes forms 730, Form 730. Vt dept of taxes forms 8300, Form 8300. Vt dept of taxes forms 8829, Which form do I file? I-9, Form I-9. Vt dept of taxes forms SS-4, Applying for an EIN. Vt dept of taxes forms W-2, Form W-2 Wage Reporting, Form W-2. Vt dept of taxes forms W-4, Form W-4. Vt dept of taxes forms W-9, Other payee. Vt dept of taxes forms FUTA tax, Federal Unemployment (FUTA) Tax H Help (see Tax help) Help from Small Business Administration, Small Business Administration I Identification numbers, Identification Numbers Income tax, Income Tax, Federal Income, Social Security, and Medicare Taxes Information returns, Information Returns Inventories, Accounting Method L Limited liability company, Limited liability company. Vt dept of taxes forms M Medicare tax, Federal Income, Social Security, and Medicare Taxes More Information (see Tax help) More information (see Tax help) O Office in home, Business Use of Your Home P Partnership, Partnerships. Vt dept of taxes forms Penalties, Penalties Publications (see Tax help) R Recordkeeping, Recordkeeping Records, how long to keep, How Long To Keep Records S S corporation, S corporations. Vt dept of taxes forms Self-employment tax, Self-Employment Tax Small Business Administration, Small Business Administration Social security tax, Federal Income, Social Security, and Medicare Taxes Sole proprietorship, Sole proprietorships. Vt dept of taxes forms Start-up costs, Business Start-Up Costs T Tax help, How to Get More Information Tax year, Tax Year Taxes: Employment, Employment Taxes Estimated, Estimated tax. Vt dept of taxes forms Excise, Excise Taxes How to deposit, Depositing Taxes Income, Income Tax Self-employment, Self-Employment Tax Unemployment (FUTA), Federal Unemployment (FUTA) Tax Taxpayer Advocate, Taxpayer Advocate Service. Vt dept of taxes forms TTY/TDD information, How to Get More Information U Unemployment (FUTA) tax, Federal Unemployment (FUTA) Tax Prev  Up     Home   More Online Publications
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The Vt Dept Of Taxes Forms

Vt dept of taxes forms 6. Vt dept of taxes forms   Tip Income Table of Contents Introduction Useful Items - You may want to see: Keeping a Daily Tip RecordElectronic tip record. Vt dept of taxes forms Reporting Tips to Your EmployerElectronic tip statement. Vt dept of taxes forms Final report. Vt dept of taxes forms Reporting Tips on Your Tax Return Allocated Tips Introduction This chapter is for employees who receive tips. Vt dept of taxes forms All tips you receive are income and are subject to federal income tax. Vt dept of taxes forms You must include in gross income all tips you receive directly, charged tips paid to you by your employer, and your share of any tips you receive under a tip-splitting or tip-pooling arrangement. Vt dept of taxes forms The value of noncash tips, such as tickets, passes, or other items of value, is also income and subject to tax. Vt dept of taxes forms Reporting your tip income correctly is not difficult. Vt dept of taxes forms You must do three things. Vt dept of taxes forms Keep a daily tip record. Vt dept of taxes forms Report tips to your employer. Vt dept of taxes forms Report all your tips on your income tax return. Vt dept of taxes forms  This chapter will explain these three things and show you what to do on your tax return if you have not done the first two. Vt dept of taxes forms This chapter will also show you how to treat allocated tips. Vt dept of taxes forms For information on special tip programs and agreements, see Publication 531. Vt dept of taxes forms Useful Items - You may want to see: Publication 531 Reporting Tip Income 1244 Employee's Daily Record of Tips and Report to Employer Form (and Instructions) 4137 Social Security and Medicare Tax on Unreported Tip Income 4070 Employee's Report of Tips to Employer Keeping a Daily Tip Record Why keep a daily tip record. Vt dept of taxes forms   You must keep a daily tip record so you can: Report your tips accurately to your employer, Report your tips accurately on your tax return, and Prove your tip income if your return is ever questioned. Vt dept of taxes forms How to keep a daily tip record. Vt dept of taxes forms   There are two ways to keep a daily tip record. Vt dept of taxes forms You can either: Write information about your tips in a tip diary, or Keep copies of documents that show your tips, such as restaurant bills and credit or debit card charge slips. Vt dept of taxes forms You should keep your daily tip record with your tax or other personal records. Vt dept of taxes forms You must keep your records for as long as they are important for administration of the federal tax law. Vt dept of taxes forms For information on how long to keep records, see How long to keep records in chapter 1. Vt dept of taxes forms    If you keep a tip diary, you can use Form 4070A, Employee's Daily Record of Tips. Vt dept of taxes forms To get Form 4070A, ask the Internal Revenue Service (IRS) or your employer for Publication 1244. Vt dept of taxes forms Also, Publication 1244 is available online at www. Vt dept of taxes forms irs. Vt dept of taxes forms gov/pub/irs-pdf/p1244. Vt dept of taxes forms pdf. Vt dept of taxes forms Publication 1244 includes a 1-year supply of Form 4070A. Vt dept of taxes forms Each day, write in the information asked for on the form. Vt dept of taxes forms   In addition to the information asked for on Form 4070A, you also need to keep a record of the date and value of any noncash tips you get, such as tickets, passes, or other items of value. Vt dept of taxes forms Although you do not report these tips to your employer, you must report them on your tax return. Vt dept of taxes forms   If you do not use Form 4070A, start your records by writing your name, your employer's name, and the name of the business (if it is different from your employer's name). Vt dept of taxes forms Then, each workday, write the date and the following information. Vt dept of taxes forms Cash tips you get directly from customers or from other employees. Vt dept of taxes forms Tips from credit and debit card charge customers that your employer pays you. Vt dept of taxes forms The value of any noncash tips you get, such as tickets, passes, or other items of value. Vt dept of taxes forms The amount of tips you paid out to other employees through tip pools or tip splitting, or other arrangements, and the names of the employees to whom you paid the tips. Vt dept of taxes forms Electronic tip record. Vt dept of taxes forms   You can use an electronic system provided by your employer to record your daily tips. Vt dept of taxes forms If you do, you must receive and keep a paper copy of this record. Vt dept of taxes forms Service charges. Vt dept of taxes forms    Do not write in your tip diary the amount of any service charge that your employer adds to a customer's bill and then pays to you and treats as wages. Vt dept of taxes forms This is part of your wages, not a tip. Vt dept of taxes forms See examples below. Vt dept of taxes forms Example 1. Vt dept of taxes forms Good Food Restaurant adds an 18% charge to the bill for parties of 6 or more customers. Vt dept of taxes forms Jane’s bill for food and beverages for her party of 8 includes an amount on the tip line equal to 18% of the charges for food and beverages, and the total includes this amount. Vt dept of taxes forms Because Jane did not have an unrestricted right to determine the amount on the “tip line,” the 18% charge is considered a service charge. Vt dept of taxes forms Do not include the 18% charge in your tip diary. Vt dept of taxes forms Service charges that are paid to you are considered wages, not tips. Vt dept of taxes forms Example 2. Vt dept of taxes forms Good Food Restaurant also includes sample calculations of tip amounts at the bottom of its bills for food and beverages provided to customers. Vt dept of taxes forms David’s bill includes a blank “tip line,” with sample tip calculations of 15%, 18%, and 20% of his charges for food and beverages at the bottom of the bill beneath the signature line. Vt dept of taxes forms Because David is free to enter any amount on the “tip line” or leave it blank, any amount he includes is considered a tip. Vt dept of taxes forms Be sure to include this amount in your tip diary. Vt dept of taxes forms Reporting Tips to Your Employer Why report tips to your employer. Vt dept of taxes forms   You must report tips to your employer so that: Your employer can withhold federal income tax and social security, Medicare, Additional Medicare, or railroad retirement taxes, Your employer can report the correct amount of your earnings to the Social Security Administration or Railroad Retirement Board (which affects your benefits when you retire or if you become disabled, or your family's benefits if you die), and You can avoid the penalty for not reporting tips to your employer (explained later). Vt dept of taxes forms What tips to report. Vt dept of taxes forms   Report to your employer only cash, check, and debit and credit card tips you receive. Vt dept of taxes forms   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. Vt dept of taxes forms   If you participate in a tip-splitting or tip-pooling arrangement, report only the tips you receive and retain. Vt dept of taxes forms Do not report to your employer any portion of the tips you receive that you pass on to other employees. Vt dept of taxes forms However, you must report tips you receive from other employees. Vt dept of taxes forms    Do not report the value of any noncash tips, such as tickets or passes, to your employer. Vt dept of taxes forms You do not pay social security, Medicare, Additional Medicare or railroad retirement taxes on these tips. Vt dept of taxes forms How to report. Vt dept of taxes forms    If your employer does not give you any other way to report tips, you can use Form 4070. Vt dept of taxes forms Fill in the information asked for on the form, sign and date the form, and give it to your employer. Vt dept of taxes forms To get a 1-year supply of the form, ask the IRS or your employer for Publication 1244. Vt dept of taxes forms   If you do not use Form 4070, give your employer a statement with the following information. Vt dept of taxes forms Your name, address, and social security number. Vt dept of taxes forms Your employer's name, address, and business name (if it is different from your employer's name). Vt dept of taxes forms The month (or the dates of any shorter period) in which you received tips. Vt dept of taxes forms The total tips required to be reported for that period. Vt dept of taxes forms You must sign and date the statement. Vt dept of taxes forms Be sure to keep a copy with your tax or other personal records. Vt dept of taxes forms   Your employer may require you to report your tips more than once a month. Vt dept of taxes forms However, the statement cannot cover a period of more than 1 calendar month. Vt dept of taxes forms Electronic tip statement. Vt dept of taxes forms   Your employer can have you furnish your tip statements electronically. Vt dept of taxes forms When to report. Vt dept of taxes forms   Give your report for each month to your employer by the 10th of the next month. Vt dept of taxes forms If the 10th falls on a Saturday, Sunday, or legal holiday, give your employer the report by the next day that is not a Saturday, Sunday, or legal holiday. Vt dept of taxes forms Example. Vt dept of taxes forms You must report your tips received in September 2014 by October 10, 2014. Vt dept of taxes forms Final report. Vt dept of taxes forms   If your employment ends during the month, you can report your tips when your employment ends. Vt dept of taxes forms Penalty for not reporting tips. Vt dept of taxes forms   If you do not report tips to your employer as required, you may be subject to a penalty equal to 50% of the social security, Medicare, and Additional Medicare taxes or railroad retirement tax you owe on the unreported tips. Vt dept of taxes forms (For information about these taxes, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, later. Vt dept of taxes forms ) The penalty amount is in addition to the taxes you owe. Vt dept of taxes forms   You can avoid this penalty if you can show reasonable cause for not reporting the tips to your employer. Vt dept of taxes forms To do so, attach a statement to your return explaining why you did not report them. Vt dept of taxes forms Giving your employer money for taxes. Vt dept of taxes forms   Your regular pay may not be enough for your employer to withhold all the taxes you owe on your regular pay plus your reported tips. Vt dept of taxes forms If this happens, you can give your employer money until the close of the calendar year to pay the rest of the taxes. Vt dept of taxes forms   If you do not give your employer enough money, your employer will apply your regular pay and any money you give in the following order. Vt dept of taxes forms All taxes on your regular pay. Vt dept of taxes forms Social security, Medicare, and Additional Medicare taxes or railroad retirement taxes on your reported tips. Vt dept of taxes forms Federal, state, and local income taxes on your reported tips. Vt dept of taxes forms    Any taxes that remain unpaid can be collected by your employer from your next paycheck. Vt dept of taxes forms If withholding taxes remain uncollected at the end of the year, you may be subject to a penalty for underpayment of estimated taxes. Vt dept of taxes forms See Publication 505, Tax Withholding and Estimated Tax, for more information. Vt dept of taxes forms    Uncollected taxes. Vt dept of taxes forms You must report on your tax return any social security and Medicare taxes or railroad retirement tax that remained uncollected at the end of 2013. Vt dept of taxes forms These uncollected taxes will be shown on your 2013 Form W-2. Vt dept of taxes forms See Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer under Reporting Tips on Your Tax Return, later. Vt dept of taxes forms Reporting Tips on Your Tax Return How to report tips. Vt dept of taxes forms    Report your tips with your wages on Form 1040, line 7; Form 1040A, line 7; or Form 1040EZ, line 1. Vt dept of taxes forms What tips to report. Vt dept of taxes forms   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Vt dept of taxes forms Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Vt dept of taxes forms Add to the amount in box 1 only the tips you did not report to your employer. Vt dept of taxes forms    If you received $20 or more in cash and charge tips in a month and did not report all of those tips to your employer, see Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer, later. Vt dept of taxes forms    If you did not keep a daily tip record as required and an amount is shown in box 8 of your Form W-2, see Allocated Tips, later. Vt dept of taxes forms   If you kept a daily tip record and reported tips to your employer as required under the rules explained earlier, add the following tips to the amount in box 1 of your Form W-2. Vt dept of taxes forms Cash and charge tips you received that totaled less than $20 for any month. Vt dept of taxes forms The value of noncash tips, such as tickets, passes, or other items of value. Vt dept of taxes forms Example. Vt dept of taxes forms Ben Smith began working at the Blue Ocean Restaurant (his only employer in 2013) on June 30 and received $10,000 in wages during the year. Vt dept of taxes forms Ben kept a daily tip record showing that his tips for June were $18 and his tips for the rest of the year totaled $7,000. Vt dept of taxes forms He was not required to report his June tips to his employer, but he reported all of the rest of his tips to his employer as required. Vt dept of taxes forms Ben's Form W-2 from Blue Ocean Restaurant shows $17,000 ($10,000 wages plus $7,000 reported tips) in box 1. Vt dept of taxes forms He adds the $18 unreported tips to that amount and reports $17,018 as wages on his tax return. Vt dept of taxes forms Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer. Vt dept of taxes forms    If you received $20 or more in cash and charge tips in a month from any one job and did not report all of those tips to your employer, you must report the social security, Medicare, and Additional Medicare taxes on the unreported tips as additional tax on your return. Vt dept of taxes forms To report these taxes, you must file a return even if you would not otherwise have to file. Vt dept of taxes forms You must use Form 1040. Vt dept of taxes forms (You cannot file Form 1040EZ or Form 1040A. Vt dept of taxes forms )    Use Form 4137 to figure social security and Medicare taxes. Vt dept of taxes forms Enter the tax on your return as instructed, and attach the completed Form 4137 to your return. Vt dept of taxes forms Use Form 8959 to figure Additional Medicare Tax. Vt dept of taxes forms    If you are subject to the Railroad Retirement Tax Act, you cannot use Form 4137 to pay railroad retirement tax on unreported tips. Vt dept of taxes forms To get railroad retirement credit, you must report tips to your employer. Vt dept of taxes forms Reporting uncollected social security, Medicare, or railroad retirement taxes on tips reported to your employer. Vt dept of taxes forms   You may have uncollected taxes if your regular pay was not enough for your employer to withhold all the taxes you owe and you did not give your employer enough money to pay the rest of the taxes. Vt dept of taxes forms For more information, see Giving your employer money for taxes , under Reporting Tips to Your Employer, earlier. Vt dept of taxes forms   If your employer could not collect all the social security and Medicare taxes or railroad retirement tax you owe on tips reported for 2013, the uncollected taxes will be shown in box 12 of your Form W-2 (codes A and B). Vt dept of taxes forms You must report these amounts as additional tax on your return. Vt dept of taxes forms Unlike the uncollected portion of the regular (1. Vt dept of taxes forms 45%) Medicare tax, the uncollected Additional Medicare Tax is not reported in box 12 of Form W-2 with code B. Vt dept of taxes forms    To report these uncollected taxes, you must file a return even if you would not otherwise have to file. Vt dept of taxes forms You must report these taxes on Form 1040, line 60. Vt dept of taxes forms See the instructions for Form 1040, line 60. Vt dept of taxes forms (You cannot file Form 1040EZ or Form 1040A. Vt dept of taxes forms ) Allocated Tips If your employer allocated tips to you, they are shown separately in box 8 of your Form W-2. Vt dept of taxes forms They are not included in box 1 with your wages and reported tips. Vt dept of taxes forms If box 8 is blank, this discussion does not apply to you. Vt dept of taxes forms What are allocated tips. Vt dept of taxes forms   These are tips that your employer assigned to you in addition to the tips you reported to your employer for the year. Vt dept of taxes forms Your employer will have done this only if: You worked in an establishment (restaurant, cocktail lounge, or similar business) that must allocate tips to employees, and The tips you reported to your employer were less than your share of 8% of food and drink sales. Vt dept of taxes forms No income, social security, Medicare, Additional Medicare or railroad retirement taxes are withheld on allocated tips. Vt dept of taxes forms How were your allocated tips figured. Vt dept of taxes forms   The tips allocated to you are your share of an amount figured by subtracting the reported tips of all employees from 8% (or an approved lower rate) of food and drink sales (other than carryout sales and sales with a service charge of 10% or more). Vt dept of taxes forms Your share of that amount was figured using either a method provided by an employer-employee agreement or a method provided by IRS regulations based on employees' sales or hours worked. Vt dept of taxes forms For information about the exact allocation method used, ask your employer. Vt dept of taxes forms Must you report your allocated tips on your tax return. Vt dept of taxes forms   You must report all tips you received in 2013 on your tax return, including both cash tips and noncash tips. Vt dept of taxes forms Any tips you reported to your employer for 2013 are included in the wages shown in box 1 of your Form W-2. Vt dept of taxes forms Add to the amount in box 1 only the tips you did not report to your employer. Vt dept of taxes forms This should include any allocated tips shown in box 8 on your Form(s) W-2, unless you have adequate records to show that you received less tips in the year than the allocated figures. Vt dept of taxes forms   See What tips to report under Reporting Tips on Your Tax Return, and Keeping a Daily Tip Record , earlier. Vt dept of taxes forms How to report allocated tips. Vt dept of taxes forms   Report the amount in box 1 and the allocated tips in box 8 of your Form(s) W-2 as wages on Form 1040, line 7; Form 1040NR, line 8; or Form 1040NR-EZ, line 3. Vt dept of taxes forms (You cannot file Form 1040A or Form 1040EZ when you have allocated tips. Vt dept of taxes forms )    Because social security, Medicare, and Additional Medicare taxes were not withheld from the allocated tips, you must report those taxes as additional tax on your return. Vt dept of taxes forms Complete Form 4137, and include the allocated tips on line 1 of the form. Vt dept of taxes forms See Reporting social security, Medicare, Additional Medicare, or railroad retirement taxes on tips not reported to your employer under Reporting Tips on Your Tax Return, earlier. Vt dept of taxes forms Prev  Up  Next   Home   More Online Publications