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What Is The Tip Credit Irs? [Solved]
Generally, the credit equals the amount of employer social security and Medicare taxes paid or incurred by the employer on tips received by the employee. However, employers cannot claim the credit for taxes on any tips that are used to meet the federal minimum wage rate in effect on January 1, 2007, $5.15 an hour.
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Does Owing the IRS Affect Your Credit Score? TurboTax Tax Tip Video
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IRS Tax Tip - Here’s what taxpayers need to know about reporting tip income on their tax return
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