Employee FICA Tip Credit

 

Qualifying Business

·        Must have employees that are tipped for serving food or beverages

 

·        Must have incurred payroll taxes on those tips

 

 

Tax Credit

·        Equal to social security and Medicare taxes paid on qualifying tips over the Federal minimum wage

 

·        Reduces federal income tax

 

 

 

·        IL tipped employees are worth at least 23.7¢ per hour in tax credits!

 

 

 

Let the 'Tax Credit Experts' at Sharp Payroll walk you through how to take advantage of these valuable credits. Call Brad or Joe at (309) 686-1040.