restaurant payroll reports

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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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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 $