restaurant payroll reports
Post on 30-Jul-2015
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Restaurant Owners
Were you aware that you are eligible for a federal tax credit?
Here’s How! Example of the FICA Tax Credit Calculation for food and beverage tipped employees
Average amount of one employee’s reported tips for the pay period $
+ $ Wages paid to employee _______ X $ _______ = hours hourly rate
Subtotal $
- $ Hours at minimum wage rate _______ X $5.15 = hours
Tips on which credit is calculated
Employer’s portion of FICA (Social Security/Medicare) x 7.65%
Per-pay-period tax credit = $
Payrolls per year (number of check dates per year) x
Potential annual savings per employee = $
Number of employees x
Estimated Federal Tax Credit $
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