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Tax laws require all tips earned must be reported as Income. We learned about the...

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Accounting

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Tax laws require all tips earned must be reported as Income. We learned about the eight-percent (8\%) rule regarding. Which one of the following descriptions explains it (the 8% rule) most appropriately? The reported amount of the tip of one employee must be at least 8% of his/her total wage income. The individual tipped employees must report at least 8% of their income from their wages as tips for tax. The employer is responsible to distribute at least 8% of the revenues to its employees as their tips. The total amount of tips reported by the employer must be at least 8 k of the total revenues

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