Credit for Fica Taxes Paid

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Credit for Fica Taxes Paid

About Credit for Fica Taxes Paid:

for food and beverage establishments, a tax credit equal to the employer's Federal Insurance Contribution Act obligation (e.g., 7.65%) attributable to reported tips in excess of those treated as wages for purposes of satisfying the minimum wage provisions. To prevent double dipping, no deduction is allowed for any amount taken into account in calculating the credit. Former IRC (check if this IRC provision is current here) §45B.

Related Entries in the American Tax Encyclopedia:

  1. Credit for Prior Year Minimum Tax
  2. Credit for Foreign Death Taxes
  3. Foreign Tax Credit
  4. Minimum Tax Credit
  5. Refundable Credit
  6. Double Dipping
  7. Nonrefundable Credit
  8. Orphan Drugs Credit
  9. Credit for Tax on Prior Transfers
  10. Credit
  11. Divedends-paid Deduction
  12. Tax Before Unified Credit
  13. Investment Tax Credit
  14. General Business Credit
  15. Payroll Taxes
  16. Deferral of Taxes
  17. Child and Dependent Care Credit
  18. Passive Activity Credit
  19. Rehabilitation Tax Credit
  20. Research and Experimental Credit
  21. Tax Credit
  22. Points Paid by Seller
  23. Credit for Fuel from A Nonconventional Source
  24. Energy Tax Credit
  25. Disabled Credit

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