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I did read this answer regarding tips for 1120s. I
I understood if you are not including the tip income as income, you cannot deduct the payment of the tip to the employee.... I usually bookkeep revenue not include tips then 8846 to deduct the payroll taxes on SS&M. How can I put the officer's compensation including tips on form 1120s? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
4,218 satisfied customers
I have an aflac policy that is pretax lets say qtr my gross
i have an aflac policy that is pretax lets say for the qtr my gross is 307 . … read more
Barbara
Barbara
Enrolled Agent, Paralegal
15,178 satisfied customers
My employees receive tips directly from customers. Tips are
my employees receive tips directly from customers. Tips are reported correctly via my payroll service provider. On my business tax return, if i enter the gross salaries, wages, & tips, it appears that… read more
Lev
Lev
Tax Advisor
34,047 satisfied customers
My son works as a waiter in a nice burger restaurant. The
My son works as a waiter in a nice burger restaurant. The restaurant reports the tips on his W2 but he is required to "tip out" the bartenders and bussers. He sait it is usually about 5% of his tips. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
The restaurant store (s corp) has W-3 as follows: 1 Wage:
The restaurant store (s corp) has W-3 as follows: 1 Wage: 50K 3. Social security wages: 35K 7.Social security tips: 15K. In 1120 form, can we deduct 50K for wage? how can we handle with Social securit… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
1. When the total reported to owner am less than 8%, the
1. When the total reported to owner am less than 8%, the owner must allocate the difference between the actual tip income reported and 8% of gross receipts. In this case, how do we get gross receipts … read more
Lev
Lev
Tax Advisor
34,047 satisfied customers
i have a client that owns a bar. Tips are declared. line 1
i have a client that owns a bar. Tips are declared. line 1 of the W-3 (Wages & tips) is 180,000.00. Line 2 SS wages are 105,000.00 Line 4 SS tax W/H is 11,000. LIne 7 SS tips are 75,000.00 What is the… read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
4,670 satisfied customers
Requesting second opinion regarding presentation of employee
Requesting second opinion regarding presentation of employee tips for corporate tax return: 1. Gross-up income and report employee wages per box 1 of forms W-2 which will include tips. 2. Net tips rep… read more
CFEPro789
CFEPro789
Fraud Analyst
Master's Degree
1,046 satisfied customers
In 2014, I held two jobs in the state of Ohio, one in which
In 2014, I held two jobs in the state of Ohio, one in which I was a tipped employee. All of my income for the tipped position was reported, subject to tax, and paid to me via paycheck. Both federal in… read more
Tax.appeal.168
Tax.appeal.168
Principal
8,688 satisfied customers
How can a small business owner rectify the problem of
How can a small business owner rectify the problem of underpaid employment taxes due to neglecting to collect from employees FORM 4070 throughout the year? It's likely under $1000 and possibly even un… read more
Lev
Lev
Tax Advisor
34,047 satisfied customers
Hello Megan. I have a client that owns a restaurant. Employees
Hello Megan. I have a client that owns a restaurant. Employees decalre tips. When I show net pay are these tips not included since they are paid to the employees cash by the patrons?… read more
Megan C
Megan C
Certified Public Accountant (CPA)
Master's Degree
8,655 satisfied customers
While preparing my S Corp taxes I believe I found an error
While preparing my S Corp taxes I believe I found an error in my 2010 taxes. On my 1120S I did not deduct $28,500 of contributions for my company's 401k on line 17. This overstated my Ordinary Busines… read more
Lev
Lev
Tax Advisor
34,047 satisfied customers
I am a bookkeeper for a small business in which has a health
I am a bookkeeper for a small business in which has a health insurance plan for it's shareholders which happen to be greater than 2% shareholders. I have read several things from the internet about th… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I have a client that owns a bar. Tip income is reported by
I have a client that owns a bar. Tip income is reported by the employees. Is tip income an expense for the company. The W-3 reports total wages, social security wages and social security tips. Which w… read more
CGCPA
CGCPA
Owner
Bachelor's Degree
3,360 satisfied customers
Im a Server at a restaurant and I tip out to bar tender &
I'm a Server at a restaurant and I tip out to bar tender & hosts each night..3% to be exact..last year it came to $5,000+, I would like to know if there is a place on my tax return where I can account… read more
Wendy Reed
Wendy Reed
Master Tax Advisor Enrolled Agent
Master's Degree
2,290 satisfied customers
Ralph was paid a salary of $64,600 during 2008 by Odesto, ...
Ralph was paid a salary of $64,600 during 2008 by Odesto, Co. During the year, he started his own business as a CPA and reported a net business income of $48,000 on his income tax return for 2008. Com… read more
Anne
Anne
Master Tax Preparer
3,422 satisfied customers
what happens if a restaurant did not put the tips a server ...
what happens if a restaurant did not put the tips a server made on their checks for a whole year is there penlties the employer may receive and also what does a employee do?… read more
Lev
Lev
Tax Advisor
34,047 satisfied customers
While reporting wages on employees paychecks, it is ...
While reporting wages on employees paychecks, it is okay to report tips as the difference between state minimun wage and minimum wage for tipped employees. For instance. A waitress in Florida now make… read more
Lev
Lev
Tax Advisor
34,047 satisfied customers
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