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Form Department of the Treasury Internal Revenue Service Credit for Employer Social Security and Medicare Taxes Paid on Certain Employee Tips Attach to your tax return. Information about Form 8846 and its instructions is at www.irs.gov/form8846. OMB No* 1545-1414 Attachment Sequence No* 98 Identifying number Name s shown on return Note. Claim this credit only for employer social security and Medicare taxes paid by a food or beverage establishment where tipping is customary for providing food o ...

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What is the employer contribution to FICA and Medicare?

Employers and employees split the tax. For both of them, the current Social Security and Medicare tax rates are 6.2% and 1.45%, respectively. So each party employee and employer pays 7.65% of their income, for a total FICA contribution of 15.3%.

How does IRS know about cash tips?

An employer who operates a large food or beverage establishment must file Form 8027, Employers Annual Information Return of Tip Income and Allocated Tips, to make an annual report to the IRS for their receipts from food and beverages and tips employees reported to the employer.

Can an employer deduct Social Security and Medicare taxes?

If you work as an employee in the United States, you must pay social security and Medicare taxes in most cases. Your payments of these taxes contribute to your coverage under the U.S. social security system. Your employer deducts these taxes from each wage payment.

How do I claim my FICA tip credit?

However, employers cannot claim the credit for taxes on any tips that are used to meet the federal minimum wage rate. To claim the tip credit, you must fill out and file IRS Form 8846 with your business tax returns. Follow the instructions on the form to make sure you qualify and fill it out correctly.

What is the Social Security and Medicare tax rate for employers?

The current tax rate for social security is 6.2% for the employer and 6.2% for the employee, or 12.4% total. The current rate for Medicare is 1.45% for the employer and 1.45% for the employee, or 2.9% total.

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