How are tipped employees taxed 2024?
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Studied at University of Michigan, Lives in Ann Arbor, MI
If your employee does make more than $20 in tips per month, you are responsible to withhold income, Social Security, and Medicare taxes on reported tips. You are also required to pay the employer's portion of FICA and FUTA taxes on the tips.Sep 5, 2013
2023-06-09 06:31:58
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Charlotte Gonzales
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If your employee does make more than $20 in tips per month, you are responsible to withhold income, Social Security, and Medicare taxes on reported tips. You are also required to pay the employer's portion of FICA and FUTA taxes on the tips.Sep 5, 2013