Due Date Reminders – Individual

May 2010

May 10 – Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

Due Date Reminders – BusinessMay 2010

May 10 - Social Security, Medicare and Withheld Income TaxFile Form 941 for the first quarter of 2010. This due date applies only if you deposited the tax for the quarter in full and on time.
 
May 17 - Employer’s Monthly Deposit Due

If you are an employer and the monthly deposit rules apply, May 17 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April 2010. This is also the due date for the non-payroll withholding deposit for April 2010 if the monthly deposit rule applies.