Form 4070A: Employee's Daily Record of Tips

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 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.



comments powered by Disqus
Hot Definitions
  1. Marginal Analysis

    An examination of the additional benefits of an activity compared to the additional costs of that activity. Companies use marginal analysis as a decision-making tool to help them maximize their profits. Individuals unconsciously use marginal analysis to make a host of everyday decisions. Marginal analysis is also widely used in microeconomics when analyzing how a complex system is affected by marginal manipulation of its comprising variables.
  2. Treasury Inflation Protected Securities - TIPS

    A treasury security that is indexed to inflation in order to protect investors from the negative effects of inflation. TIPS are considered an extremely low-risk investment since they are backed by the U.S. government and since their par value rises with inflation, as measured by the Consumer Price Index, while their interest rate remains fixed.
  3. Gilt-Edged Switching

    The selling and repurchasing of certain high-grade stocks or bonds to capture profits. Gilt-edged switching involves gilt-edged security, which can be high-grade stock or bond issued by a financially stable company such as the Blue Chip companies or by certain governments.
  4. Master Limited Partnership - MLP

    A type of limited partnership that is publicly traded. There are two types of partners in this type of partnership: The limited partner is the person or group that provides the capital to the MLP and receives periodic income distributions from the MLP's cash flow, whereas the general partner is the party responsible for managing the MLP's affairs and receives compensation that is linked to the performance of the venture.
  5. Class Action

    An action where an individual represents a group in a court claim. The judgment from the suit is for all the members of the group (class).
  6. Retail Sales

    An aggregated measure of the sales of retail goods over a stated time period, typically based on a data sampling that is extrapolated to model an entire country. In the U.S., the retail sales report is a monthly economic indicator compiled and released by the Census Bureau and the Department of Commerce.
Trading Center