Kiplinger.com Community - powered by vBulletin Kiplinger.com
Starting Out Investing Your Money Spending Wisley Your Retirement
Kiplinger.com Channels




Go Back   Kiplinger.com Community > TAXES
User Name
Password
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read


Reply
 
Thread Tools Search this Thread Display Modes
Old 04-14-2009, 01:53 PM   #1
dad1956
Registered User
 
Join Date: Nov 2008
Location: SE PA
Posts: 7
Validating W-2 Income

I am trying to validate my W-2 Wages (BOX 1) by taking my gross pay from my last pay stub and subtracting out the pre-tax items. I am off by several hundred dollars. Here is what I am doing.

Gross From Last Pay Stub
- Medical Reimbursement Acct
- Medical Prems
- Prescription Prems
- Vision Prems
- 401k Contribs (including catch-up)
Should = Box 1 Wages

The answer I get is several hundred dollars less than what is reported in BOX 1. I don't have any other deducts that match the difference and there isn't any obvious combination of deducts that match the difference.

I live in PA and they have different rules on what isn't taxable but I wind up with the exact same difference when I try to reconcile the PA wages in BOX 16.

Any ideas?
dad1956 is offline   Reply With Quote
Old 04-14-2009, 07:58 PM   #2
clydewolf
Registered User
 
Join Date: Oct 2001
Posts: 1,586
Dad1956,

Box 1 is your taxable income.

You do not mention SS (box4) and medicare (box 6) taxes. these would be included in your gross income. Box 5 should match your gross income.


The medical reimbursement account is not taxable when used to pay for qualified medical expenses.
I would think your medical premiums, prescription premiums and vision premiums would be after tax deductions. I know mine are. These amounts should be included in the box 1 amount.

Do you have any amounts in box 14? These amounts are normally included in the box 1 amount. But if you receive earned income credit throughout the year, that is included here too. This amount is not taxable income but shows up on your 1040 line 60.

PA taxes your 401k contributions in the year you make the contribution. This allows the qualified distributions from your 401k to be free from PA tax. So your PA wages should be the same as the medicare wages shown in box 5.
clydewolf is offline   Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is Off
HTML code is Off
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Thousands who earn $200,000+ avoid income tax Sporkman Politics and Policy 9 10-18-2009 10:54 PM
How to reform Social Security and Eliminate Personal Income Tax cashfs TAXES 15 12-03-2007 03:35 PM
Sheltering income from 2007income tax for 409A forced buy/sell non-qual stock options dsouder TAXES 0 07-24-2007 10:21 AM
How to reform Social Security and eliminate Personal Income Tax cashfs TAXES 0 04-14-2005 10:00 PM
Social Security Benefits and other Pension Income Orcinas RETIREMENT 1 10-14-2002 09:47 AM

SPONSORED LINKS
 
 
Powered by: vBulletin Version 3.0.1
Copyright ©2000 - 2009, Jelsoft Enterprises Ltd.