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We used Square Payroll for a restaurant. The CPA is asking if the payroll company (Square) provides a report for calculating the FICA Tip Credit. Does anyone know how to run this report?
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Hey @MEatz. Thanks for asking! I've got a note in with our Payroll team to see if this is something we provide. I'll let you know as soon as I hear back.
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Any response to this? Im interested in how to manage tip credits in payroll as well!
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Hey there @deballen
You can pull reports to assist with this. Once, you've subscribed to Square Payroll and have processed a pay run, you can pull an Employee Totals Report through Square Payroll.
You can also pull a Labor Cost report from your Timecards tab and a Team Sales report from the Reports tab of your Dashboard.
The above reports will provide the figures needed for IRS Form 8846.
To further understand this form, please see the IRS's Form 8846.
Important: This information was provided by a Payroll team member. If you still need assistance we suggest getting in touch with our Payroll Support Team.
They can take a look at your account with you to help shine a light here, as they are able to look at your account alongside you in order to pinpoint what's going on here. Please reach out by phone or email when you have a moment by logging into your Square account and heading here.
Community Moderator, Square
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Having this as an automated report would be of significant value, as it would reduce the time my CPA bills me. I would assume that this would be something high on your docket to release as a feature for Square customers who are in restaurants.
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