Fed OASDItipEE
OASD – Old Age Survivors and Disablity (Social Security)
Tip – As in Tip Income
EE – Stands for employEE
This is the amount of social security payments being withheld from your paycheck for tip income.
Payroll tax requirements separate tip income from regular wages when reporting for social security (don’t know why it just is)
When you get your W-2 you will notice that you will have an extra box (box 7) that reports social security tips separate from social security wages.
That is your portion of Social Security tax on your tip income reported to your employer.
This is the collective voice of the talented editorial team at Answerprime.com. Committed to delivering high-quality content, this account represents the collaborative efforts of knowledgeable experts. With a passion for research and a dedication to accuracy, Answerprime brings you insightful articles across various subjects. Explore a diverse range of expertise and perspectives curated by the editorial team through the lens of Answerprime.
Latest posts by Answer Prime (see all)
- Optimize Work-Study Balance with Research Paper Writing Service - December 21, 2024
- Racing Through Books: Best Titles For Horse Racing Enthusiasts - December 21, 2024
- What Should You Know About Different Types of Loans and How to Get Them - December 21, 2024
