Tax laws require all tips earned must be reported as Income. We learned about the...
60.1K
Verified Solution
Link Copied!
Question
Accounting
image
Tax laws require all tips earned must be reported as Income. We learned about the eight-percent (8\%) rule regarding. Which one of the following descriptions explains it (the 8% rule) most appropriately? The reported amount of the tip of one employee must be at least 8% of his/her total wage income. The individual tipped employees must report at least 8% of their income from their wages as tips for tax. The employer is responsible to distribute at least 8% of the revenues to its employees as their tips. The total amount of tips reported by the employer must be at least 8 k of the total revenues
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
