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- Tips Credit and Payroll Taxes on Schedule C
Tips Credit and Payroll Taxes on Schedule C
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Micibug
Level 1
6 hours ago
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I'm doing a 2024 tax return for a client who owns a restaurant. It is currently a sole proprietorship so the business activity is on Schedule C. The W3 shows $275,908.15 in tips which qualify for the tips credit of $29k (some is a carryforward from a prior year). Do I have to manually reduce the employer payroll taxes deducted on Schedule C by this amount?
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