Form 4070
Get your Form 4070 in 3 easy steps
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01 Fill and edit template
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02 Sign it online
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03 Export or print immediately
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What Is Form 4070?
Reporting Tips Form 4070 is used for keeping tabs on how much tip income your employees receive within each pay period. In other words, employees use this blank to report the exact amount of their tip-based earnings to their bosses.
What I Need IRS Tips Reporting Form 4070 For?
- if you’re an employee who gets compensated by tips, you need form 4070 to report your tip-based earnings to your employer;
- if you're an employer whose employees get tips, you need this form to keep the business books in order.
With all that said, you’re going to need this form at the end of the year when filing your Employer’s Quarterly Federal Tax Return (Form 941) and reporting your employee’s earnings to the Social Security Administration.
How to Fill Out Tax Form 4070 - Employee Tip Reporting Form
By making the most of PDFLiner, you’re free to find, fill out, print out, or download form 4070, depending on your current purposes and preferences. Overall, the 4070 form PDF completion is pretty much self-explanatory, especially the very first section. In case you find it challenging to fill out the form under your own steam, don’t hesitate to contact your bookkeeper for professional assistance. Don’t forget to leave your signature and date the report when you’re through.
Here’s what you should indicate in your fillable form 4070 when completing it online:
- the employee’s personal data (name, address);
- their social security number;
- how much tip income they received within the current month.
Organizations That Work With Form 4070 - Employee Report Form
The IRS and Social Security Administration.
FAQ: IRS 4070 Form Popular Questions
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What is the difference between form 4070 and 4070A?
The only difference between the two forms is that Form 4070A is a daily reporting form, while Form 4070 is a monthly reporting form.
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When should I report my tips?
You should report your tips for the month on or before the 10th day of the following month.
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How do you report income from tips?
If you earn income from tips, you must report it to the IRS. You should keep track of your tips on a daily basis and report them to your employer at the end of each shift. Your employer is responsible for withholdings taxes from your paycheck based on your reported tips.
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Fillable online Form 4070