Get Form 8846 - Credit For Employer Social Security And ...

Filling out Form 8846 is an important step for employers in the food and beverage industry to claim credit for social security and Medicare taxes paid on employee tips. This guide provides step-by-step instructions to assist users in completing this form online accurately and efficiently.

Follow the steps to seamlessly complete Form 8846 online.

1. Click the ‘Get Form’ button to obtain the form and open it in the online editor.
2. Identify the section for your identifying number and name(s) shown on the return. Accurately enter the required information into these fields as requested.
3. In line 1, enter the total amount of tips received by employees for services during the tax year on which you paid or incurred employer social security and Medicare taxes.
4. On line 2, calculate and enter any tips that are not subject to the credit. If wages paid to each tipped employee equal or exceed $5.15 an hour, enter zero.
5. To calculate creditable tips, subtract the amount in line 2 from line 1, and enter the result on line 3.
6. On line 4, multiply the amount from line 3 by 7.65% (0.0765). If any employee’s wages exceeded the limit for social security, check the appropriate box and follow the specific instruction for calculation.
7. If applicable, enter the credit for employer taxes paid on tips from partnerships and S corporations on line 5.
8. Finally, add the totals from lines 4 and 5, and enter the result on line 6. This amount should be reported on the appropriate forms as indicated.
9. After completing the form, ensure all information is accurate. Save your changes, and choose to download, print, or share your completed Form 8846.

Complete your Form 8846 online to claim your credits efficiently today.