Congressional Research Service Issues In Focus White Paper on Taxation of Tip Income
August 01, 2024
August 01, 2024
WASHINGTON, Aug. 1 -- The Congressional Research Service issued the following In Focus white paper (No. IF12728) on July 31, 2024, by public finance analyst Brendan McDermott:
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Taxation of Tip Income
Federal law generally requires workers to pay individual income taxes and the payroll taxes on their tip income, as on other compensation. Lawmakers have introduced several bills in the 118th Congress to exclude tip income from the individual income tax, a . . .
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Taxation of Tip Income
Federal law generally requires workers to pay individual income taxes and the payroll taxes on their tip income, as on other compensation. Lawmakers have introduced several bills in the 118th Congress to exclude tip income from the individual income tax, a . . .