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.