Tip Income Reporting

1 Allocated Tips - Reported on Form W-2, Box 8 2 Allocating Tips - 8% General rule 3 Employer - Allocating Tip Income - Less than 8% Calculation Methods 4 Employer Form 8027 - 8% Tip Reporting Guideline 5 Employer Tip reporting to IRS - Form 8027 6 Form 4070 - Employee Tip reporting to the Employer 7 Form 4137 - Employee Unreported Tip reporting to IRS 8 Tip Income - Employee Penalty for not reporting 9 Tip Income - Self Employed persons 10 Tip Reporting - Point of Sale Systems 11 Tip Reporting - to your Employer 12 Tips of less than $20 a month 13 Waiter and Waitress - Tip Reporting