IRS Form 8846 walkthrough (Credit for Employer FICA Taxes Paid on...
8846 credit Federal Insurance Contribution Act (FICA) tip credit is designed to help small businesses in the food and beverage industries handle tip taxes. It allows employers to take credit for Social Security and Medicare taxes already paid on employees' tips..8846 tip credit
Our IRS Form 8846 instructions walk you through the calculations needed to claim the FICA tip credit and complete the form.8846 credit
The FICA tip credit can be requested when business tax returns are filed. It is reported on IRS Form 8846, which is sometimes called Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips. Determining if the FICA tax tip applies to your business can be a challenge.
