Investopedia

Form 4070A: Employee's Daily Record of Tips

Dictionary Says

Definition of 'Form 4070A: Employee's Daily Record of Tips'

A tax form distributed by the Internal Revenue Service (IRS) and used by employees to keep track of the tips they receive from customers at work. Form 4070A is similar to a workbook, with spaces for an employee to indicate the total amount of tips received from patrons, from check or debit cards and from tip-sharing programs. Employees are to keep a daily record of tips received, and are to report the total to the employer each month (provided the total amount of tips exceeds $20).

Investopedia Says

Investopedia explains 'Form 4070A: Employee's Daily Record of Tips'

To get Form 4070A, employees should ask their employer or the IRS for Publication 1244, which contains a year's supply of the Form. Form 4070A has space for daily entries and helps the employee total up tips for the month. IRS Publication 531 (Reporting Tip Income) provides more details about keeping daily records of tips.

Articles Of Interest

  1. 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.
  2. Surviving The IRS Audit

    Keeping thorough records and knowing the penalties make this experience easier than you'd expect.
  3. Should You File An Early Tax Return?

    When it comes to filing your taxes, it can often pay to wait until the deadline.
  4. 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.
  5. 10 Most Overlooked Tax Deductions

    The receipts you cram into your wallet could be replaced with cash come tax season.
  6. 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.
  7. 4 Traits Banks Look For In New Staff

    Trust is the number one trait that banks are looking for in new hires, but there are other abilities that are equally desired.
  8. Broker Commissions Are Here To Stay

    With two developed nations adopting a firm anti-commission stance, questions have arisen over whether or not the United States should follow suit. Find out why such a development is unlikely.
  9. 10 Great Summer Jobs For Teens

    There are a lot of summer jobs out there, find out what's available, how much it costs and what skills you need.
  10. The Path To Becoming A CEO

    Think you have what it takes to be chief executive? Find out what those at the top have in common.
comments powered by Disqus
Marketplace
Hot Definitions
  1. Abatement Cost

    A cost borne by many businesses for the removal and/or reduction of an undesirable item that they have created.
  2. Validation Period

    The amount of time necessary for the premium on an insurance policy to cover the commissions, the cost of investigation, medical exams and other expenses associated with the issuance of the policy.
  3. Winner's Curse

    Because of incomplete information, emotions or any other number of factors regarding the item being auctioned, bidders can have a difficult time determining the item's intrinsic value. As a result, the largest overestimation of an item's value ends up winning the auction.
  4. Glocalization

    A combination of the words "globalization" and "localization" used to describe a product or service that is developed and distributed globally, but is also fashioned to accommodate the user or consumer in a local market.
  5. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.
  6. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.
Trading Center