PAYROLL: W2 FAQ's
- Q: Why is my taxable income different than the year-to-date income on my pay stub?
- A: For most employees, your federal and state taxable income (Box 1 and 17) are determined by taking your gross income and subtracting your pre-tax deductions (health, parking, retirement contributions and flexible spending accounts).
- Q: Why are Medicare/Social Security wages different than my federal taxable income?
- A: Retirement contributions are subject to Medicare/Social Security taxes. Therefore, you need to add your 403(b) deduction back to your federal taxable income to arrive at Medicare/Social Security wages.
- Q: Why are Social security wages different than my Medicare wages?
- A: If your Medicare Wages are higher than $102,000, your social security wage will be limited to $102,000.
- Q: What tax returns do I have to file and when are they due?
- A: For helpful information on federal taxes, please use the following links:
1040 Form - http://www.irs.gov/pub/irs-pdf/f1040.pdf
1040 Instructions - http://www.irs.gov/pub/irs-pdf/i1040.pdf
1040EZ Form - http://www.irs.gov/pub/irs-pdf/f1040ez.pdf
1040 EZ Instructions - http://www.irs.gov/pub/irs-pdf/i1040ez.pdf
In addition to the forms listed above, miscellaneous fill-in forms, publications, and instructions can be found on the IRS website.
|
