Form 8846 - Credit For Employer Social Security And Medicare Taxes Paid On Certain Employee Tips - 2006

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8846
OMB No. 1545-1414
Credit for Employer Social Security and Medicare Taxes
Form
2006
Paid on Certain Employee Tips
Attachment
Department of the Treasury
98
Attach to your tax return.
Internal Revenue Service
Sequence No.
Name(s) shown on return
Identifying number
Note. Claim this credit only for social security and Medicare taxes paid by a food or beverage establishment where tipping is
customary for providing food or beverages. See the instructions for line 1.
1
Tips received by employees for services on which you paid or incurred employer social security
1
and Medicare taxes during the tax year (see instructions)
2
2
Tips not subject to the credit provisions (see instructions)
3
3
Creditable tips. Subtract line 2 from line 1
4
Multiply line 3 by 7.65% (.0765). If you had any tipped employees whose wages (including tips)
4
exceeded $94,200, see instructions and check here
5
Credit for employer social security and Medicare taxes paid on certain employee tips from
5
partnerships and S corporations
6
Add lines 4 and 5. Partnerships and S corporations, report this amount on Schedule K; all
others, report this amount on Form 3800, line 1j
6
Line 1
tipping of employees for delivering or
General Instructions
serving food or beverages is
Enter the tips received by employees
Section references are to the
customary.
for services on which you paid or
Internal Revenue Code.
incurred employer social security and
2. During the tax year, you paid or
Medicare taxes during the tax year.
incurred employer social security and
What’s New
Include tips received from customers
Medicare taxes on those tips.
The tax liability limit is no longer
for providing, delivering, or serving
figured on this form; instead, it must
How the Credit Is Figured
food or beverages for consumption if
be figured on Form 3800, General
tipping of employees for delivering or
Generally, the credit equals the
Business Credit.
serving food or beverages is
amount of employer social security
Taxpayers that are not
customary.
and Medicare taxes paid or incurred
partnerships or S corporations, and
Line 2
by the employer on tips received by
whose only source of this credit is
If you pay each tipped employee
the employee. However, the
from those pass-through entities, are
wages (excluding tips) equal to or
employer social security and
not required to complete or file this
more than the Federal minimum
Medicare taxes on tips that are used
form. Instead, they can report this
wage rate, enter zero on line 2.
to meet the Federal minimum wage
credit directly on line 1j of Form
rate applicable to the employee
Figure the amount of tips included
3800.
under the Fair Labor Standards Act
on line 1 that are not creditable for
are not included in the computation.
Purpose of Form
each employee on a monthly basis.
The Federal minimum wage rate is
This is the total amount that would
Certain food and beverage
$5.15 per hour.
be payable to the employee at the
establishments (see Who Should File
For example, an employee worked
Federal minimum wage rate reduced
below) use Form 8846 to claim a
by the wages (excluding tips) actually
100 hours and received $350 in tips
credit for social security and
for October 2006. The worker
paid to the employee during the
Medicare taxes paid or incurred by
month. Enter on line 2 the total
received $375 in wages (excluding
the employer on certain employees’
tips) at the rate of $3.75 an hour.
amounts figured for all employees.
tips. The credit is part of the general
Because the Federal minimum wage
Line 4
business credit.
rate was $5.15 an hour, the
If any tipped employee’s wages and
You can claim or elect not to claim
employee would have received
tips exceeded the 2006 social security
the credit any time within 3 years
wages, excluding tips, of $515 had
tax wage base of $94,200 subject to
from the due date of your return on
the employee been paid at the
the 6.2% rate, check the box on line 4
either your original return or on an
Federal minimum wage rate. Thus,
and attach a separate computation
amended return.
only $210 of the employee’s tips for
showing the amount of tips subject to
October 2006 is taken into account
only the Medicare tax rate of 1.45%.
Who Should File
for credit purposes.
Subtract these tips from the line 3 tips,
File Form 8846 if you meet both of
and multiply the difference by .0765.
the following conditions.
Specific Instructions
Then, multiply the tips subject only to
1. You had employees who
the Medicare tax by .0145. Enter the
Figure the current year credit from
received tips from customers for
sum of these amounts on line 4.
your trade or business on lines 1
providing, delivering, or serving food
Reduce the income tax deduction for
through 4.
or beverages for consumption if
employer social security and Medicare
taxes by the amount on line 4.
8846
For Paperwork Reduction Act Notice, see back of form.
Cat. No. 16148Z
Form
(2006)

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