Form 4070 Is Used by Employers to Record Employees' Tips
Form 4070 is used by employers to record employees' tips subject to tax withholding and FICA taxes.
A taxpayer who has overpaid the social security portion of the FICA tax because his or her combined taxable income from multiple jobs exceeds the annual wage base is entitled to receive the excess as a refund even if there is federal tax owed on the 1040 return.
An employee who works for multiple employers will likely be under-withheld for federal income tax purposes and can owe additional taxes when filing his/her return.
An employer who is a monthly schedule depositor and accumulates a $100,000 tax liability on any day must pay the tax on the next business day and is allowed by law to remain a monthly schedule depositor until the next year when the employer will become a semiweekly schedule depositor.