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    3. What amount goes into Box 8 of my W-2 form? Does this reduce or increase my income?
    What amount goes into Box 8 of my W-2 form? Does this reduce or increase my income?

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    0  Views: 567 Answers: 1 Posted: 12 years ago
    Tags: w-2 info regarding box#8
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      Box 8 - the total in allocated tips. If you worked in a restaurant but didn't report all your tips to your employer, then this box lists the difference between what you reported in tips and your share of 8% of the restaurant's income. If there is any amount listed here, it was not included in Box 1, the total of wages and salaries.


      When you report your salary on your 1040, you need to add Box 1 and Box 8 and enter this total on your 1040 for "wages, salaries, and tips". If you do have a number in Box 8 you also need to complete Form 4137, Social Security and Medicare Tax on Unreported Tip Income


      That means you sill pay more income tax and more FICA.


       


       

      12 years ago. Rating: 0
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