Form 4070: Employee's Report Of Tips To Employer

AAA

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.

RELATED TERMS
  1. IRS Publication 1244: Employee's ...

    A document published by the Internal Revenue Service (IRS) that ...
  2. IRS Publication 531

    A document published by the Internal Revenue Service (IRS) that ...
  3. Tip Income

    Income that a service professional earns that is not part of ...
  4. Poison Put

    A takeover defense strategy in which the target company issues ...
  5. Assented Stock

    A share of stock owned by a shareholder who has agreed to a takeover.
  6. Back-End Plan

    An anti-acquisition strategy in which the target company provides ...
RELATED FAQS
  1. What is an IRS letter audit / audit by correspondence?

    Every year, the Internal Revenue Service (IRS) sends numerous notices to taxpayers. Letter audit, or audit by correspondence, ... Read Full Answer >>
  2. When might an abatement be granted by the IRS?

    The Internal Revenue Service (IRS) frequently imposes interest and penalties due to the late filing of a tax return, underpayment ... Read Full Answer >>
  3. What should I do to prepare for an IRS audit?

    IRS audits have declined steadily since the 1980s, but there are still some 1.5 million annual tax audits as of 2014. You ... Read Full Answer >>
  4. Where can I find a good withholding tax table on the Internet?

    An Internet search for the most current withholding tax rates will likely result in numerous articles about how to pay the ... Read Full Answer >>
  5. What key requirements must be met for the IRS to classify changes or alterations ...

    Qualified leasehold improvement refers to improvement that is done to the interior of a non-residential building by a person ... Read Full Answer >>
  6. What is the difference between a single and a married withholding tax?

    The difference between the amount of income tax withheld for single versus married persons in the United States depends on ... Read Full Answer >>
Related Articles
  1. Taxes

    Before You Visit Your Tax Preparer: Do This

    The earlier you start preparing your tax records and documents, the more likely you are to have a smooth tax return experience – and all the tax benefits you're due.
  2. Retirement

    Tax Tips For The Individual Investor

    We give you seven guidelines to help you keep more of your money in your pocket.
  3. Taxes

    How To Appeal Your IRS Audit

    The auditor's review isn't always the last word. Many taxpayers who are audited can successfully appeal their audits and save thousands of dollars.
  4. Taxes

    Inaccurate Tax Return, Now What?

    If the IRS finds errors, it will cost you. Find out how to fix them, and how to prevent them in the first place.
  5. Taxes

    Surviving The IRS Audit

    Keeping thorough records and knowing the penalties make this experience easier than you'd expect.
  6. Taxes

    The History Of Taxes In The U.S.

    The number of taxes that we now consider a given did not always exist. Find out how they arose.
  7. Taxes

    10 Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.
  8. Retirement

    Roth 401(k) Vs. Roth IRA: Which One Is Better?

    It all depends on your age, your income - and your plans for your retirement nest egg.
  9. Investing Basics

    Explaining Tender Offers

    A tender offer is a broad public offer made by a person or company to purchase all or a portion of the shares of a publicly traded company.
  10. Fundamental Analysis

    Can Japan's Stewardship Code Turn Passive Funds Into Active Managers?

    Institutional investors in Japan have been criticized for being too cozy with corporates. Can a code force them to focus on the needs of beneficiaries?

You May Also Like

Hot Definitions
  1. National Currency

    The currency or legal tender issued by a nation's central bank or monetary authority. The national currency of a nation is ...
  2. Treasury Yield

    The return on investment, expressed as a percentage, on the debt obligations of the U.S. government. Treasuries are considered ...
  3. Bund

    A bond issued by Germany's federal government, or the German word for "bond." Bunds are the German equivalent of U.S. Treasury ...
  4. European Central Bank - ECB

    The central bank responsible for the monetary system of the European Union (EU) and the euro currency. The bank was formed ...
  5. Quantitative Easing

    An unconventional monetary policy in which a central bank purchases private sector financial assets in order to lower interest ...
  6. Current Account Deficit

    A measurement of a country’s trade in which the value of goods and services it imports exceeds the value of goods and services ...
Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!