February 10—You should collect Form 4070, “Employee’s Report of Tips to Employer,” from any employee who received $20 or more in tips.
President’s Day is a federal holiday that falls on the third Monday in February. Banks and federal offices are closed, as well as many state offices and other businesses.
• Your employees must file a new W-4, “Employee’s Withholding Allowance Certificate,” if they claimed tax-exempt status in the prior tax year to continue tax-exempt status in the current year. If an employee who claimed a tax exemption in the previous tax year has not filed a new W-4, you should begin withholding income tax from his pay.
• If you pay your Social Security, Medicare, and income taxes withheld on a monthly ...