What is form 4070 specifically designed for?

Form 4070 is specifically designed for employees to report tips they have received to their employer. This form serves an important function in ensuring that tip income is properly recorded for tax purposes. When employees receive tips, it is their responsibility to report this income accurately to their employer, who will then include it in the payroll calculations for withholding and reporting on W-2 forms. This process is essential since tips are considered taxable income and must be included in the employee's taxable earnings.

While the other options pertain to various payroll processes, they do not align with the specific function of Form 4070. For example, reporting health insurance expenses and documenting payroll deductions for benefits typically involves different forms and processes that are focused on employee benefits rather than tip reporting. Similarly, calculating overtime pay is a separate function that would not directly use Form 4070, as that involves different payroll calculations based on hours worked and wage rates, rather than tips received.