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Get Form 4137 Social Security And Medicare Tax On Unreported Tip Income See Instructions On Back
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How to fill out the Form 4137 Social Security And Medicare Tax On Unreported Tip Income online
Filling out Form 4137 is essential for individuals who receive tips but did not report them to their employers. This guide provides a clear, step-by-step approach to completing this form online to ensure compliance with Social Security and Medicare tax requirements.
Follow the steps to successfully complete Form 4137 online.
- Click ‘Get Form’ button to access the form and open it in a digital environment.
- Enter the name of the person who received tips as shown on Form 1040. If married, ensure to complete a separate form for each spouse with unreported tips.
- Provide the Social Security number of the individual listed above.
- List the names of employers to whom the tips were unreported.
- On line 1, input the total cash and charge tips received during the specified tax year. Refer to the instructions for any line-specific guidance.
- Calculate the difference on line 3 by subtracting the amount on line 2 from line 1. This figure is the income to report on Form 1040.
- Line 5 requires you to subtract the amount on line 4 from line 3. Enter this amount subject to Medicare tax.
- Input the total Social Security wages from W-2 forms on line 7.
- Line 9 requires you to enter the smaller amount between lines 5 and 8, which will also go on the Schedule U.
- On line 11, multiply line 5 by 0.0145, representing Medicare tax owed.
- Once all fields have been accurately completed, save your changes. You can choose to download, print, or share the form as necessary.
Complete your Form 4137 online today and ensure accurate reporting of your unreported tip income.
Code B – Uncollected Medicare tax on tips. This shows the employee Medicare tax or RRTA Medicare tax on tips that were not collected because the employee did not have enough funds from which to deduct it.
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