Form 8846 - Credit For Employer Social Security And Medicare Taxes Paid On Certain Employee Tips - 2014 Page 2
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Form 8846 (2014)
Page
General Instructions
that would have been payable during
tips subject to only the Medicare tax
that month at $5.15 an hour exceed
rate of 1.45%. Subtract these tips
Section references are to the Internal
the wages (excluding tips) paid by
from the line 3 tips, and multiply the
Revenue Code unless otherwise
the employer during that month.
difference by .0765. Then, multiply
noted.
the tips subject only to the Medicare
For example, an employee worked
Future Developments
tax by .0145. Enter the sum of these
100 hours and received $450 in tips
amounts on line 4.
for October 2014. The worker received
For the latest information about
$375 in wages (excluding tips) at the
Reduce the income tax deduction
developments related to Form 8846
rate of $3.75 an hour. If the employee
for employer social security and
and its instructions, such as legislation
had been paid $5.15 an hour, the
Medicare taxes by the amount on
enacted after they were published, go
employee would have received wages,
line 4.
to
excluding tips, of $515. For credit
Purpose of Form
purposes, the $450 in tips is reduced
Paperwork Reduction Act Notice.
Certain food and beverage
by $140 (the difference between $515
We ask for the information on this
establishments (see Who Should File
and $375), and only $310 of the
form to carry out the Internal
below) use Form 8846 to claim a credit
employee’s tips for October 2014 is
Revenue laws of the United States.
for social security and Medicare taxes
taken into account.
You are required to give us the
paid or incurred by the employer on
information. We need it to ensure
A 0.9% Additional Medicare Tax
certain employees’ tips. The credit is
that you are complying with these
applies to Medicare wages and tips.
part of the general business credit.
laws and to allow us to figure and
However, Additional Medicare Tax is
You can claim or elect not to claim
collect the right amount of tax.
only imposed on the employee.
the credit any time within 3 years
There is no employer share of
You are not required to provide the
from the due date of your return on
Additional Medicare Tax. Thus, there
information requested on a form that is
either your original return or on an
is no effect on the credit for
subject to the Paperwork Reduction
amended return.
employer social security and
Act unless the form displays a valid
Partnerships and S corporations
Medicare taxes on certain employee
OMB control number. Books or
must file this form to claim the
tips.
records relating to a form or its
credit. All other taxpayers are not
instructions must be retained as long
Specific Instructions
required to complete or file this form
as their contents may become material
if their only source for this credit is a
Figure the current year credit from
in the administration of any Internal
partnership or S corporation.
your trade or business on lines 1
Revenue law. Generally, tax returns
Instead, they can report this credit
through 4.
and return information are confidential,
directly on line 4f in Part III of Form
as required by section 6103.
Line 1
3800, General Business Credit.
The time needed to complete and
Enter the tips received by employees
For information regarding taxes
file this form will vary depending on
for services on which you paid or
imposed on tips, including
individual circumstances. The
incurred employer social security and
information on the difference
estimated burden for individual
Medicare taxes during the tax year.
between tips and service charges,
taxpayers filing this form is approved
Include tips received from customers
see Rev. Rul. 2012-18, 2012-26
under OMB control number
for providing, delivering, or serving food
I.R.B. at
1545-0074 and is included in the
or beverages for consumption if tipping
estimates shown in the instructions
Who Should File
of employees for delivering or serving
for their individual income tax return.
food or beverages is customary.
File Form 8846 if you meet both of
The estimated burden for all other
the following conditions.
Line 2
taxpayers who file this form is shown
1. You had employees who received
below.
If you pay each tipped employee wages
tips from customers for providing,
(excluding tips) equal to or more than
Recordkeeping . .
1 hr., 40 min.
delivering, or serving food or
$5.15 an hour, enter zero on line 2.
Learning about
beverages for consumption if tipping
Figure the amount of tips included
the law or the form . . .
28 min.
of employees for delivering or serving
on line 1 that are not creditable for
Preparing and sending
food or beverages is customary.
each employee on a monthly basis.
the form to the IRS .
1 hr., 43 min.
2. During the tax year, you paid or
This is the total amount that would be
If you have comments concerning
incurred employer social security
payable to the employee at $5.15 an
the accuracy of these time estimates
and Medicare taxes on those tips.
hour reduced by the wages (excluding
or suggestions for making this form
tips) actually paid to the employee
How the Credit Is Figured
simpler, we would be happy to hear
during the month. Enter on line 2 the
Generally, the credit equals the
from you. See the instructions for the
total amounts figured for all employees.
amount of employer social security
tax return with which this form is
Line 4
and Medicare taxes paid or incurred
filed.
by the employer on tips received by
If any tipped employee’s wages and
the employee. However, the amount
tips exceeded the 2014 social
of tips for any month that are used
security tax wage base of $117,000
to figure the credit must be reduced
subject to the 6.2% rate, check the
by the amount by which the wages
box on line 4 and attach a separate
computation showing the amount of
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