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FICA Taxes › Restaurant Industry

Federal Insurance Contribution Act (FICA) Taxes are United States federal payroll taxes levied to fund the Social Security and Medicare system. FICA Taxes burdens are divided between employers and employees and... more +
Federal Insurance Contribution Act (FICA) Taxes are United States federal payroll taxes levied to fund the Social Security and Medicare system. FICA Taxes burdens are divided between employers and employees and are currently set at 12.4% for Social Security and 2.9% for Medicare. less -
McGlinchey Stafford

Reporting Cash Tips to the IRS [More with McGlinchey, Ep. 24]

McGlinchey Stafford on

In restaurants, the wait staff, bartenders, and bussers are required to report their tips, including cash tips, to the restaurant and the IRS. Even if those cash tips aren’t reported to the restaurant, since tips are income...more

Laner Muchin, Ltd.

Are You Prepared To Comply With New Employment Laws And Requirements In 2014?

Laner Muchin, Ltd. on

The New Year brings new employment laws and requirements for businesses. For example, as reported in the most recent edition of The Fast Laner, Illinois became the last state to allow people to carry concealed firearms....more

FordHarrison

Restaurant Industry Newsletter - January 2014

FordHarrison on

Tax Ruling Impacts the Use of Mandatory Service Charges - Executive Summary: Beginning on January 1, 2014, "mandatory gratuities" or service charges are no longer considered "tips" by the Internal Revenue Service, and...more

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