Form 4070: Employee's Report Of Tips To Employer

Definition of 'Form 4070: Employee's Report Of Tips To Employer'


A tax form distributed by the Internal Revenue Service (IRS) and used by employees who are compensated by tips to report those tips to their employer. Form 4070 is used to report tips received in cash, tips received from other employees (such as under a tip-sharing program), as well as those received through credit or debit cards.

Investopedia explains 'Form 4070: Employee's Report Of Tips To Employer'


Form 4070 is a monthly summary of all tips received and is used in conjunction with Form 4070A, which allows employees to keep track of tips received on a daily basis. Tips should be reported by the 10th day of the following month, unless that day is a holiday or weekend. Both Form 4070 and Form 4070A are available by requesting IRS Publication 1244 from an employer or the IRS.



comments powered by Disqus
Hot Definitions
  1. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the acquiring company will make an offer for the outstanding shares.
  2. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by additional investment would not warrant the expense. A harvest strategy is employed when a line of business is considered to be a cash cow, meaning that the brand is mature and is unlikely to grow if more investment is added.
  3. Stop-Limit Order

    An order placed with a broker that combines the features of stop order with those of a limit order. A stop-limit order will be executed at a specified price (or better) after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy (or sell) at the limit price or better.
  4. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The principle states that, for many phenomena, 20% of invested input is responsible for 80% of the results obtained. Put another way, 80% of consequences stem from 20% of the causes.
  5. Pareto Principle

    A principle, named after economist Vilfredo Pareto, that specifies an unequal relationship between inputs and outputs. The principle states that, for many phenomena, 20% of invested input is responsible for 80% of the results obtained. Put another way, 80% of consequences stem from 20% of the causes.
  6. Budget Deficit

    A status of financial health in which expenditures exceed revenue. The term "budget deficit" is most commonly used to refer to government spending rather than business or individual spending. When referring to accrued federal government deficits, the term "national debt” is used.
Trading Center