DawnC
Expert Alumni

Retirement tax questions

Yes.  Your tip income would be reported in box 1,5, and 7 on your W2.   The amount in box 4 would be the Social Security taxes due on your Social Security wages and your Social Security tips.  The total of boxes 5 plus 7 would be your Social Security base for determining the amount of Social Security taxes withheld.  

 

The amount in box 4 for Social Security tax withheld would be 6.2% of the total for box 5 and box 7.

 

You can check this out on a calculator to see if the amount in box 4 is correct.  If it is correct, you can continue through the warning and complete your return.

 

Tip Taxes

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